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Tether CEO Paolo Ardoino has expressed excitement regarding the much-hyped stablecoin bill, which passed the U.S. Senate Banking Committee earlier today.
Ardoino told Bloomberg earlier today that the bill would “unlock” a lot of clarity for stablecoins. “We are very excited because, as you know, Tether is the company that created the stablecoin industry in 2014. We issued the first stablecoin…and we have the biggest userbase when it comes to stablecoins,” he said.
The so-called GENIUS Act, which aims to establish a regulatory framework at the federal level, is now poised for a full vote in the Senate.
Notably, several Democrats, including Ruben Gallego of Arizona, have joined the Republicans to support the high-stakes bill. However, leading Democrat Elizabeth Warren, who is known for her anti-crypto stance, has vehemently opposed the bill.
“A massive move in Washington today…This is a huge step towards providing regulatory clarity for stablecoins, and a huge step towards upgrading and making the dollar more competitive,” Circle CEO Jeremy Allaire said on social media.
Ripple CEO Brad Garlinghouse has also commented on the most recent development, claiming that a “stablecoin policy” is on its way. The enterprise blockchain company launched its own regulated stablecoin in December.
With a market cap of $143 billion, Tether (USDT) remains the indisputable leader in the stablecoin space. Circle (USDC) comes in a distant second place with $58 billion. The market cap of the recently launched Ripple USD (RLUSD) currently stands at a mere $134 million.
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