Congress is advancing legislation aimed at establishing a regulatory framework for stablecoins, with both the House and Senate actively involved in the process. Key discussions are centered around the STABLE Act, which seeks to promote innovation in the crypto sector while ensuring consumer protection and financial stability. Representatives, including Bryan Steil and French Hill, are advocating for a bipartisan approach to the legislation. The House Financial Services Committee recently held a hearing to examine various bills related to stablecoins, emphasizing the need for clear business conduct standards and the importance of stablecoin innovation. The current stablecoin market, valued at approximately $210 billion, is expected to grow significantly, potentially reaching over $1 trillion within a year, as it transitions from speculative use to facilitating peer-to-peer payments. Industry leaders, including Paxos CEO Charles Cascarilla, have highlighted the necessity of stablecoins for modernizing the U.S. financial system and maintaining the dollar's global dominance. The momentum for this legislative effort is bolstered by support from Wall Street, indicating a strong push for a comprehensive stablecoin framework.