Crypto regulation advances as GENIUS Act gets fresh support and Wyoming nears stablecoin launch. Industry study projects 1500% growth potential for stablecoins by 2030.

Lawmakers across all parties are making efforts to restore the GENIUS Act, a stablecoin bill supported by the leading crypto market players.

Lawmakers are making efforts to revive the GENIUS Act, a stablecoin bill that was initially stalled last week following criticism from members of both parties.

The House members paused discussions on the bill after public criticism of U.S. President Donald Trump’s rising interest in crypto-related investments.

However, legislators are now planning to continue bipartisan talks on the bill, which is designed to provide clarity on how best to regulate stablecoins in the U.S.

During a recent interview, Republican Senator Bill Hagerty (from Tennessee) said that members from the two parties have resumed discussions on the bill. He stated that the bill could be passed before Memorial Day if Democrats agree.

“We’re continuing the discussion. I believe we can get this done. I hope so. Certainly, there are members on both sides of the aisle who are interested in getting this done and done well,” Hargerty said.

On the other hand, Democratic Senator Angela Alsobrooks from Maryland confirmed Hargerty’s statement but didn’t provide further details.

Earlier this month, the U.S. Senate decided against continuing the discussion on the GENIUS Act via votes, marking a setback for crypto players who are pushing for clarity regarding the regulations governing the industry.

Most democrats cited concerns about the U.S. President’s involvement in crypto, especially his fundraising dinners and memecoin. Last week, Abu Dhabi announced it would invest $2 billion into the popular cryptocurrency platform Binance using the USD1 stablecoin. This stablecoin is owned by World Liberty Financial, a DeFi project backed by the trump family.

The move by the Middle Eastern nation comes as part of a broader plan to support small and medium enterprises in the U.S. Through this investment, Binance will provide startups with access to Web3 technologies and blockchain.

Meanwhile, Wyoming is aiming to become the first U.S. State to have a state-issued stablecoin. Hence, the state’s stable token commission (WYSTC) has collaborated with Inca Digital (a top analytics provider) to help the agency monitor and prevent fraud risks.

Inca Digital will also help ensure that the Wyoming stable token (WYST) remains secure as the launch date approaches. The company’s official statement shows that it will also provide cross-market oversight and advanced analytics.

Two months ago, Wyoming Governor Mark Gordon said that the token’s test phase would end by the second quarter of 2025, while the plan is to launch by July. The U.S. State has established friendly laws for the crypto sector in the past as part of its efforts to become a crypto and blockchain hub.

Since 2018, the state has attracted more than 3,000 tech firms, having passed over 35 laws regulating the cryptocurrency industry. A director of the WYSTC, Anthony Apollo, stated that the collaboration with Inca Digital is an important step in ensuring innovation, transparency, and security.

Like others, the Wyoming stablecoin is also pegged to a fiat currency. After launch, the WYST can be redeemed for one U.S. Dollar and is fully backed by repurchase agreements, U.S. Treasuries, and cash.

On-chain data shows that the stablecoin market cap is currently $245 billion, showing a sign of rapid growth. According to a recent forecast by a reputable fintech firm, once the stablecoin bill becomes law, this market cap could rise tenfold and become a $2 trillion sector within three years.

However, the stablecoin market cap may not hit $500 billion if there are still adoption and integration issues. Should the prediction become a reality, the stablecoin market cap would have increased by 600% from its current value or 1,500% based on the more optimistic projection.

The report believes these coins’ use could expand into remittances for the mainstream economy in addition to their current use as tokenised cash for crypto traders and to settle financial transactions.

The report also expects stablecoin issuers to have purchased up to $1 trillion in new U.S. Treasuries to back their stablecoins by 2030. When this happens, these issuers will hold more U.S. Treasuries than any other jurisdiction.