Sen. Hagerty Suggests GENIUS Act Will ‘Extend Demand’ for US Treasuries

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Decrypt 15h ago

Sen. Hagerty Suggests GENIUS Act Will ‘Extend Demand’ for US Treasuries - Decrypt

Quick Summary:

Bill Hagerty said recently that the GENIUS Act, which would pave the way for stablecoin adoption, could bolster U.S.Treasuries.

Speaking to Squawk Box on CNBC, Hagerty explained that the bill—which recently passed a key Senate vote—will establish a framework through which entities can legally issue stablecoins.

And a key requirement of the bill is that any “permitted payment stablecoin issuer” shall maintain reserves on at least a 1:1 basis, with accepted reserves including cash and U.S.