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The voting on the U.S. "GENIUS Act" is imminent, and four major areas may welcome stablecoin dividends.
[Coin World] On July 15 (UTC+8), Bank of America pointed out that with the "GENIUS Act" set to be voted on in the U.S. House of Representatives this week, the stablecoin market is about to experience explosive rise, benefiting four major market sectors: Ethereum, traditional banks, payment companies, and e-commerce platforms.
Ebrahim Poonawala, head of North American banking research at Bank of America, stated that Ethereum, as the core technology of stablecoins, carries over half of the existing stablecoins, which have risen over 18% in the past month. Traditional banks, such as JPMorgan and New York Bank, are betting on stablecoin technology and may benefit from friendly legislation.
Payment companies like Visa, MasterCard, and PayPal may also benefit from the increased adoption of stablecoins. These companies have been developing stablecoin capabilities for years, allowing them to integrate new technologies into their existing infrastructure.
E-commerce platform Shopify plans to launch USDC payment services, and Shopify's stablecoin feature will enable merchants to connect more easily with global customers. Poonawala expects that the comprehensive construction of stablecoin infrastructure will take three to five years.