WisdomTree's Maredith Hannon backed the GENIUS Act

• The US Senate has passed a stablecoin legislation called the GENIUS Act.
• The legislation paves the way for regulated stablecoins in the U.S., one of the many crypto promises from President Trump on the campaign trail.
• WisdomTree digital assets chief Maredith Hannon says the Act will foster innovation and improve the U.S. financial services sectors.

WisdomTree digital assets executive Maredith Hannon says the GENIUS Act, a new stablecoin legislation in the U.S., will foster innovation and improve the crypto and financial services industries in a huge way.

Hannon, head of business development, digital assets at Wisdom Tree, spoke as the United States Senate passed the Guaranteeing Essential National Infrastructure Using Stablecoins (GENIUS) Act on Tuesday.

The bill passed with bipartisan support in a 68-30 vote, paving the way for regulated stablecoins in the U.S. It’s the first major stablecoin legislation to pass a chamber of Congress, as Trump’s crypto election promise appears to take shape.

The Genius Act now heads to the House of Representatives, which is also working on another stablecoin bill, for a final vote before President Trump signs it into law. Both the Senate and House bills will be reconciled into one.

Senator Bill Hagerty, who co-sponsored the Act, said on X that the law will “cement US dollar dominance, protect customers, drive demand for US Treasuries, & ensure that digital asset innovation happens in the U.S., not overseas.”

A stablecoin is a type of cryptocurrency that is pegged to a stable reserve asset like the U.S. dollar. As the name implies, stablecoins are designed to maintain a stable, consistent value, unlike Bitcoin (BTC), which is volatile.

This stability makes stablecoins ideal for payments and remittances and as a settlement layer for DeFi protocols. About $230 billion worth of stablecoins are currently in circulation, led by Circle’s USDC and Tether’s USDT.