On May 20, 2025, the U.S. Senate voted 66-32 to pass the GENIUS Act, which establishes a federal regulatory framework for dollar-pegged stablecoins, requiring issuers to be licensed, ensuring 100% asset-backing, regular audits, and restricting algorithmic stablecoins. This event sparked a strong market for stablecoin concept tokens, such as $GHO (AAVE), $ENA (Ethena), $FXS (Frax), etc.
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