The stablecoin, initially for institutional investors, follows the launch of SG Forge’s euro stablecoin, EURCV.

Still, the bill is considered a major win for the crypto industry. The industry-backed bill would help protect consumers and set industry standards that could allow stablecoins to become mainstream for digital payments and other financial instruments, advocates say.

Sen. Elizabeth Warren (D-Mass.) is urging her colleagues to vote down updated stablecoin legislation, arguing it fails to sufficiently address concerns related to President Trump’s crypto ties and

Lee Jae-myung, South Korea’s opposition leader, proposed launching a won-backed stablecoin to stop crypto outflows.

A legislative draft obtained by CoinDesk shows a marginally revised version despite Democrats citing "major victories" in the Senate negotiation.

Without passage of a stablecoin bill, industry insiders say it will be next to impossible to push through a broader overhaul of the digital coin regulation that is also being planned.

Key Takeaways US Senate to Pass Stablecoin Legislation as regulatory clarity for stablecoins takes a step forward.Chinese Brand Invests in Bitcoin amid growing

Senate's New Stablecoin Draft Doesn't Target Trump's Crypto, Tweaks Big-Tech Approach: The U.S. Senate has new legislative text for its stablecoin bill, with a cloture vote scheduled for Monday. Cloture is the motion to proceed to debate and needs 60 votes in favor to pass, meaning lawmakers will need bipartisan support to advance the bill.