The US Senate Banking Committee is set to vote on the updated GENIUS Act, a Republican-led stablecoin bill, on 13 March.

The bill, which aims to regulate US dollar stablecoin issuers with market caps over$10 billion, was updated following bipartisan discussions with Democrats.

The revised version includes significant improvements in areas such as consumer protection, risk mitigation, and transparency.

The bill, co-sponsored by Republican Senators Bill Hagerty, Cynthia Lummis, and Tim Scott, alongside Democrats Kirsten Gillibrand and Angela Alsobrooks, introduces higher standards for foreign stablecoin issuers, including stricter reserve requirements and anti-money laundering checks.

The changes are expected to give US-based stablecoins, such as Circle's USDC, a competitive edge.

Although the bill has made significant progress, it still needs to pass the Senate Banking Committee vote before moving to the full Senate and then the House.

If it clears these hurdles, the bill will head to President Trump for approval or veto.

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