The US Senate has passed the GENIUS Act, which aims to regulate stablecoins, and crypto exchanges call this bill a major milestone as such regulatory clarity contributes to a shifting global crypto industry.
The stablecoin (a type of cryptocurrency) bill will help provide a faster way to process transactions and stablecoins might turn into a mainstream form of payment. The passage of the GENIUS Act by the Senate marks the first clear signal from the US government that digital asset innovation and responsible regulation can go hand in hand. By establishing a framework for stablecoins, the Act lays the foundation for trust, transparency, and long-term growth, taking crypto mainstream, said Edul Patel, Co-founder and CEO of Mudrex.
"For a rapidly growing market like India, it presents an opportunity to accelerate the work on the regulatory guidelines to potentially expand the stablecoins payments market," he added.
Sumit Gupta, co-founder of CoinDCX said by creating a clear regulatory framework for dollar-pegged stablecoins, including issuer licensing, 1:1 fiat reserves, and shared federal-state oversight, the US has signalled its intent to lead in responsible digital innovation. "This move sets a strong global precedent. As India continues to grow as a Web3 innovator, the GENIUS Act offers a timely reference point. It presents an opportunity for Indian policymakers to reflect on how global regulatory approaches are evolving and to thoughtfully consider the associated risks, opportunities, and long-term implications," he said.
According to crypto exchanges, US-based stablecoins to gain market share and deeper institutional use. "While it tightens the noose around offshore issuers like Tether, it creates fertile ground for compliant players like USDC, PayPal USD, and bank-issued tokens. Tether’s exclusion from US financial rails could lead to a reshuffle in stablecoin dominance," said Himanshu Maradiya, Founder & Chairman, CIFDAQ.