TechFlow news, May 22 — According to The Block, crypto "czar" David Sacks said on a CNBC program that the GENIUS stablecoin bill is expected to pass, potentially creating trillions of dollars in demand for U.S. Treasuries "almost overnight." The bill requires stablecoins to be fully backed by U.S. Treasuries or dollar equivalents and imposes registration and audit requirements on large issuers with market capitalizations exceeding $50 billion. Despite concerns raised by some lawmakers about potential benefits to the Trump family, Sacks emphasized significant bipartisan support, with 15 Democrats voting in favor due to its promise of delivering a "more efficient, cheaper, and smoother payment system" and extending the dollar's dominance online. The current stablecoin market has reached $200 billion, with Tether holding nearly $120 billion in U.S. Treasuries—surpassing Germany to become the world's 19th-largest holder.
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