Stablecoins was headline story this week with Bitcoin 2025 in Las Vegas instead of Bitcoin. The three-day event attracted a crowd of 35,000 people, focused on the tokens of dollar pegs rather than the coin that started it all.
Dominating the stage was the growth of a political alliance that promotes legislation to bring Stubcoin to the core of US financial power, according to CNBC.
Vice President JD Vance appeared to provide full public approval for the space and became the first VP to speak directly with Bitcoiner. “In fact, I think it’s wrong to call this a mere meeting,” JD told participants. “It’s a movement, and I’m proud to be standing with you.”
The JV also revealed that the White House considers stubcoins to be an asset. “We don’t think stubcoins threaten the integrity of the US dollar. It’s the exact opposite,” he said. “We see them as multipliers of the forces of our potential economics.”
Congress is pushing for Stablecoin Bill as GOP sets deadlines
Beau Hines, who runs the president’s digital asset council, said Stablecoin Rails is being streamlined to ensure control of the US dollar “for the next few decades.” Bo told CNBC that the White House believes this will unlock trillions of dollars in demand for US debt from global buyers. The entire playbook relates to the Genius Act, the new bill currently heading towards the floor of the US Senate.
Sen. Cynthia Ramis told the crowd that after weeks of negotiations with Democrats, the deal was reached. “I think there’s a final deal,” Cynthia said. “If we can pass this, this will be the first digital assets law to pass through the US Senate,” a coagulation vote is expected on Monday.
House majority Whiptom Emmer praised Sen. Bill Hagerty for speeding up what he called the “calcified” Senate, saying Republicans would like to obtain both stables and market structure bills on President Donald Trump’s desk before boredom in August. “The president has promised this,” Tom said. “We want to do that now.”
Rep. Brian Steele, who chairs the House Subcommittee’s digital assets, said the Stubcoin bill would arrive at the House Financial Services Committee by July. Brian said he would allow publishers to purchase US finances at key moments. “It embarrasses the US dollar on our dominant role as a global reserve currency,” he said.
Brian also rejected democratic efforts by government officials to add amendments that would hinder the benefits of Stablecoin companies. The clause reportedly targets the Trump family, linked to World Liberty Financial, the company behind the new USD1 token.
Tether expands and Wall Street builds competition
The biggest issuer of the Stablecoin space is now Tether, and CEO Paolo Ardoino said the next big use case will come from commodity traders rather than banks. Paolo said Tether is ready for the next thing. “All traditional financial companies create stubcoins that are offered to existing customers,” he told CNBC. However, he argued that those companies were surrounded by their own expensive business models.
Instead of chasing wealthy users, Paolo said the focus is on reaching a global majority where Tether has no access to the bank. “Many of our competitors say, ‘Yeah, Tether serves this niche with no banks.’ Half of the world’s population should not be called a niche,” he said.
While Paolo was on the Vegas stage, the Wall Street Journal reported that JPMorgan, Bank of America and City were in early discussions to launch a joint digital dollar to compete directly with Tether. The battle between legacy finance and crypto-native companies is currently in chains.
Kraken CEO Dave Ripley, who is meeting individually with lawmakers, told CNBC that the bill is important to bring big banks and brokers into the space. However, he said there are still issues to be resolved, such as whether users can earn returns and rules that apply to politicians investing in Stablecoin companies. “The ciphers are all about individuals,” Dave said. “Let’s bring value to them.”
Also, there are major changes happening within the Securities and Exchange Commission. This is the institution once considered the world’s biggest problem in cryptography. SEC Commissioner Hester Perth said the change was slow. “For many years I have complained about the fact that the committee has not taken any positive steps to provide clarity,” Hester said. “Finally, we’re in a place where we can do that.”