S&P Global Ratings has indicated that the introduction of a new stablecoin bill in the U.S. Senate could potentially decrease the dominance of Tether in the global stablecoin market. The bipartisan bill is expected to encourage banks to enter the stablecoin market, thereby increasing competition. This legislative move aims to provide necessary regulatory clarity and may also be a step towards the development of a central bank digital currency (CBDC). According to a report from S&P, this could boost the U.S. stablecoin landscape by incentivizing banks and other institutions to compete in the digital asset custody business. Rep. Maxine Waters, a key figure on the House Financial Services Committee, emphasized the urgency of passing the stablecoin bill soon. Meanwhile, the European Union has enacted new crypto regulations aimed at combating money laundering.