The Senate Banking Committee plans to review Senator Hagerty’s stablecoin bill, known as the GENIUS Act, during the week of March 10, according to three Senate aides familiar with the matter.

🚨SCOOP: @BankingGOP is eyeing the week of March 10 for a markup of @SenatorHagerty’s stablecoin bill (the GENIUS Act), per three Senate aides familiar with the mater.

— Eleanor Terrett (@EleanorTerrett) February 28, 2025

The bill, introduced by Senator Hagerty on February 4, 2025, restricts stablecoin issuance to permitted entities including subsidiaries of insured depository institutions, federal-qualified nonbank payment stablecoin issuers, and state-qualified payment stablecoin issuers.

Under the proposed framework, issuers with more than $10 billion in market capitalization will face federal oversight, while those below that threshold can choose state regulation if states meet federal standards.

The bill requires stablecoins to maintain full 1:1 backing with US dollars or other approved high-quality liquid assets such as short-term Treasury bills and repurchase agreements.

The GENIUS Act also prohibits algorithmic stablecoins and mandates public disclosure of redemption policies and regular reserve audits.

This regulatory push aligns with global developments, including the European Union’s Markets in Crypto-Assets law (MICA) and recent approvals of Circle’s USDC and EURC stablecoins by the Dubai Financial Services Authority.