Sen. Bill Hagerty said recently that the GENIUS Act, which would pave the way for stablecoin adoption, could bolster U.S. Treasuries.

The passage of a U.S. stablecoin bill could be one of the most important regulatory developments in the history of crypto, the report said.

If passed into law, the GENIUS Act would establish the first comprehensive federal rules for stablecoin issuance, transparency, and reserve requirements.

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The U.S. Senate has passed the GENIUS Act, making regulated stablecoins a policy priority and hinting at fresh institutional crypto inflows.

The GENIUS Act passed a cloture vote Monday less than two weeks after failing one. The stablecoin bill now heads to a full floor vote.

Bitcoin surged to a record high on Thursday, vaulting more than 3% in early trading and hurtling past $110,000 for the first time. The price of bitcoin stood at $111,385 on Thursday, extending a sharp rise that stretches back to the November election of President Donald Trump, a cryptocurrency supporter and investor.

The GENIUS Act may pass the US Senate by May 26, setting regulatory clarity for stablecoins and accelerating institutional adoption of digital dollars.