Senator Bill Hagerty: "Stablecoin Issuers Will Become the Largest Holders of US Treasuries"

On the 19th (local time), U.S. Republican Senator Bill Hagerty predicted in an interview with CNBC that stablecoin issuers will become the largest holders of U.S. Treasuries in the world.

Previously, Senator Bill Hagerty stated that the U.S. stablecoin regulation bill, GENIUS, could pass the Senate as early as next week.

Meanwhile, on the same day, Democratic senators from the U.S. Senate Banking Committee released a staff analysis report on the GENIUS bill draft.

In the report, the senators pointed out that "the bill does not prohibit President Trump from profiting through his own stablecoin and allows Elon Musk's X to create 'X Money'." They also added, "There is a concern that the loopholes in Tether, which is exploited for crime, may be expanded, and notably, this bill lacks substantial consumer protection measures."

The GENIUS bill includes provisions requiring stablecoin issuers to obtain licenses, secure 100% reserves, and fulfill disclosure obligations, and it is attracting industry attention as it could become a regulatory benchmark for stablecoins in the U.S.