The vote on the GENIUS Act, which would set up a regulatory framework for stablecoins, came two weeks after Senate Democrats blocked the measure.

Experts said the bill's passage could be a "watershed," allowing crypto to gain a stronger foothold in mainstream financial markets.

According to SB 21, the state can only use money from the reserve to buy cryptocurrency with an average market capitalization of at least $500 billion over the past 24 months. This means Texas would only be allowed to invest in large, established cryptocurrencies like Bitcoin and possibly Ethereum, depending on market conditions.

Asset manager Bitwise says the US stablecoin bill could be bigger than Bitcoin ETFs, and may spark a multi-year crypto bull run.

Hong Kong has been working on establishing a stablecoin regime since 2023. The nation had published a consultation paper on stablecoin guidelines towards the end of 2023. It later introduced the Stablecoin Bill, which the Legislative Council of the Hong Kong Special Administrative Region passed in its third reading, Ng's post said.

Sen. Roger Marshall (R-KS) is gauging support for a bill that reins in credit card swipe fees, though he has not requested a vote as part of a major piece of banking legislation.

The Senate is advancing crypto-friendly legislation the same week Trump hosts a dinner for buyers of his meme coin.