U.S. Senator Bill Hagerty: GENIUS Act will increase demand for U.S. Treasuries

US Senator Bill Hagerty recently stated that the GENIUS Act will increase demand for US Treasury bonds and strengthen the US dollar's status as the global reserve currency. The bill has passed a key Senate vote and will provide a legal framework for stablecoin issuance, requiring stablecoin reserves to be backed 1:1 by cash or short-term US Treasury bonds.

According to Citibank's prediction, stablecoin issuers may become the largest holders of US Treasury bonds globally by 2030, with holdings potentially reaching $1.2 trillion.