The U.S. Senate voted on Monday to pass the key stablecoin legislation, the "GENIUS Act," which is seen as a "historic" step that could help ensure the dominance of the U.S. dollar. The bill requires stablecoins to be fully backed by U.S. dollars or other highly liquid assets and mandates annual audits for issuers with a market capitalization exceeding $5 billion. Republican Senator Bill Hagerty stated that the bill brings the U.S. payment system into the 21st century and will significantly enhance the country's leadership in the digital payment framework. The bill needs 60 votes to advance, and this vote marks the first bipartisan support between Democrats and Republicans in ensuring the dominance of the U.S. dollar.