The Chainlink company, an emission of the homonymous cryptocurrency network, considers that the digital asset ecosystem is crossing a key inflection point for its global growth, driven by legislative advances in the United States.
The company cataloged the approval yesterday of the Genius bill in the Senate as “a historical legislation that establishes a regulatory framework for the stablcoins backed by FÍAT currency.”
“This is a decisive moment for the digital asset industry, which prepares the scenario for the global expansion of the stablcoins,” he said.
More than 250,000 million dollars in Stablecoins currently circulate in cryptocurrency networksconsolidating these assets as one of the most solid use cases of the ecosystem, the company distinguished.
According to Chainlink, Stablecoins are widely adopted globally thanks to their ability to facilitate payments in dollars with almost instantaneous settlement, low commissions and 24 -hour availability.
The company Point out that these assets will gain more relevance with the genius law. This bipartisan legislation establishes a regulatory framework for projects such as USDT and USDC, and seeks to position the country as a global financial innovation leader.
As Cryptonotics reported, the initiative requires that stablcoins that maintain the same price that the US currency is 100% backed by US dollars or similar liquid assets.
Chainlink remarked that, with a value that is expected to reach billions of dollars, stablcoins need a robust, transparent and verifiable infrastructure to guarantee confidence and scalability globally. Therefore, he pointed out that its platform provides reservation test, connectivity between chains and identity.
Circle, the USDC issuing company, celebrated the approval of the law. Its strategy director, Dante Tigo, described it as a “historical moment for the future of money.” He highlighted the political consensus achieved around a regulation that protects consumers without stopping innovation.
Besides, The firm stressed that the legislation will help reinforce the role of the dollar in digital financeswhile establishing clear standards on reservations, transparency and user protection.
From Circle they indicated several key points of the Genius Law, including consumer protections, the right to redeem Stablecoins for dollars at any time, security in fund custody and the implementation of advanced cybersecurity protocols.
The law also restricts the participation of foreign issuing, allowing only those who comply with their regulations to operate in the United States. In addition, it requires compliance with norms against money laundering and international sanctions.
To minimize systemic risks, it also forbids that the issues offer yields or interests on the stablecoins, thus differentiating them from traditional bank deposits.
In addition to Circle and Chainlink, Tether’s broadcaster company agrees that the approval of this law marks a before and after for the stablcoinsby providing a regulatory framework that promotes the economic competitiveness of the United States in the digital field, as cryptootics reported.
