The U.S. Senate has passed the stablecoin bill, turning the focus to the House of Representatives.

According to Gate News bot, The Block reported that with strong support from both parties, the U.S. Senate passed the landmark "Guidance and Establishment of the U.S. Stablecoin National Innovation Act" (referred to as the "GENIUS Act") on Tuesday, which boosts the federal government's regulatory efforts on stablecoins and puts pressure on the House of Representatives to plan the next phase of national regulatory work on digital assets.

This is the first time the Senate has passed significant cryptocurrency legislation. The sponsor of the "GENIUS Act," Republican Senator Bill Hagerty, thanked some of his fellow senators for their support before the official vote. Less than a week ago, lawmakers voted overwhelmingly in favor of the bill, and many expected it to pass.

Hagerty said on Tuesday: "The passage of this bill brings the U.S. one step closer to becoming a global leader in the cryptocurrency space. The 'GENIUS Act' establishes a growth-friendly regulatory framework for payment stablecoins. This bill will solidify the dollar's dominance, protect consumer rights, and drive demand for U.S. Treasury securities."

After weeks of committee voting, negotiations, and procedural voting, the senators finally cast their votes. Last month, a vote failed due to the Democrats' refusal to support advancing the bill. Since Donald Trump took office earlier this year, his administration has been working together to encourage lawmakers to draft and pass legislation that provides a legal framework for the thriving of cryptocurrencies in the United States.

U.S. Treasury Secretary Scott Bessent posted on X on Tuesday, stating: "Recent reports predict that by the end of this century, the stablecoin market could reach $3.7 trillion. With the passage of the GENIUS Act, this is more likely to happen."

The U.S. Senate passed the GENIUS Act with a vote of 68 to 30.

Coinbase's Chief Legal Officer Paul Grewal said earlier on Tuesday: "A year ago, I even thought this was just a frenzied fantasy. Think about how far we've come." He expects the GEN Act to gain bipartisan support.

The bill requires that stablecoins must be fully backed by US dollars or similar liquid assets, mandates annual audits for issuers with a market capitalization exceeding $50 billion, and establishes guidelines for foreign issuers.