Stablecoin regulation is advancing in the U.S. Congress, with the Senate's GENIUS Act and the House's STABLE Act moving to the floor for a full vote. The GENIUS Act, which passed the Senate Banking Committee with an 18-6 vote, enjoys bipartisan support, as does the STABLE Act. These bills aim to establish a federal licensing framework for stablecoins, defining them as crypto assets used for payments or settlements, backed by a fixed amount of U.S. dollars. Under the GENIUS Act, issuers are required to maintain high-quality liquid U.S. assets as reserves and are designated as financial institutions under the Gramm-Leach-Bliley Act. The STABLE Act includes a two-year moratorium on issuing new endogenously collateralized stablecoins and also enjoys bipartisan support. In the first quarter of 2025, Solana's stablecoin supply surged by 146%, reaching $12.5 billion, positioning it as the fifth fastest-growing blockchain network in terms of stablecoin growth. Additionally, Solana generated $370 million in fees, leading all Layer 1 blockchains. Ethereum's stablecoin supply also hit a record high of $130 billion, up 53% year-over-year. LayerZero Labs CEO Bryan Pellegrino emphasized the strategic importance of stablecoins in maintaining the U.S. dollar's global reserve status, citing their role in driving demand for U.S. debt instruments, such as Tether's holdings in U.S. Treasuries, and facilitating cross-border transactions.