US Vice President JD Vance took the stage and openly supported stablecoins, becoming the first vice president to do so at such an event. “I don’t think calling this just a conference is right. This is a movement,” he said. “I’m with you.” The White House now sees stablecoins not as a threat but as an opportunity. According to Vance, these digital assets will strengthen the global power of the dollar. 

“We don’t believe stablecoins threaten the integrity of the US dollar. On the contrary,” he said. “We see them as an element that amplifies our economic power.” 

Bo Hines, leader of the President’s Digital Assets Council, spoke about the new GENIUS Act legislation aimed at accelerating stablecoin infrastructure. This move is intended to ensure the US dollar’s long-term supremacy. Hines said this effort could attract trillions of dollars in foreign investment. 

Stablecoin Move: New Strength for the US Dollar 

Senator Cynthia Lummis stated that an agreement had been reached with Democrats. “This bill will be the first digital asset legislation to pass the Senate,” she said. Voting is scheduled for Monday. Meanwhile, House leaders Tom Emmer and Bryan Steil want to expedite the process, aiming to deliver the bill to former President Trump before August. 

SEC Commissioner Hester Peirce said the time for change has come. 

“For years, I complained that the commission didn’t take proactive steps to provide clarity,” said Peirce. “Now we’re finally at a point where we can do that.” 

The bill will also make it easier for stablecoin issuers to purchase US Treasury bonds. Additionally, Steil argued this would strengthen the dollar’s reserve currency status. However, Democrats tried to prevent government officials from profiting from stablecoin companies. This proposal targets the USD1 token linked to the Trump family. 

Traditional Finance vs. Crypto Race Begins 

Tether, the leader in the stablecoin sector, continues to grow. CEO Paolo Ardoino pointed to commodity trading as the next big step. They are focused on the unbanked rather than banks. “Half the world is not a niche,” he said. Their goal is to provide financial access to billions of people. 

“All traditional finance firms will create their own stablecoins and offer them to their existing customers,” he said. 

At the same time, traditional finance giants JPMorgan, Bank of America, and Citi have started talks for a joint digital dollar. Their goal is to compete with Tether. The battle is now on-chain, meaning blockchain-based 

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Direct Oversight of Tether by the U.S.

Under the new regulation, all of Tether’s operations must comply with U.S. financial laws. This may lead to significant changes in the company’s legal and operational framework. In particular, Tether is expected to act in accordance with U.S. rules regarding transparency and regulatory compliance.

Experts emphasize that this legal step could affect not only Tether but also other stablecoin projects operating in a similar structure. Through this move, the U.S. aims to gain greater control over the crypto asset market.

Mixed Reactions from the Market

The crypto community remains divided on the regulation. Some see it as a stabilizing and trust-building step for the market, while others view it as an intervention in market freedom. A well-known industry analyst stated, “This decision could fundamentally reshape the role of stablecoins in the financial system.”

USDT Maintains Stable Performance

As of May 10, 2025, Tether (USDT) continues to hold its peg at $1.00. Its total market cap stands at $149.73 billion, with a 24-hour trading volume of $116.57 billion. Recent data shows a 0.01% increase in price over 24 hours and a 0.03% decline over the week.

Although the long-term effects of the new legislation are yet to be determined, it’s now clear that the stablecoin market will be under tighter regulatory scrutiny.

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