.png){kind=logo}
US Senate to Pass Stablecoin Legislation as regulatory clarity for stablecoins takes a step forward.
Chinese Brand Invests in Bitcoin amid growing institutional interest in cryptocurrency.
Northern Mariana Islands Launches Local Stablecoin, a new digital asset initiative in the Pacific region.
The crypto market witnessed some pivotal moments today, with the US Senate set to pass stablecoin legislation, a Chinese brand making headlines with its Bitcoin investment plans, and the Northern Mariana Islands embracing digital assets with new stablecoin regulations. These developments underscore the rapidly shifting dynamics in the crypto space, where regulatory clarity and institutional participation are increasingly shaping the future of digital assets.
Cody Carbone, CEO of Digital Chamber, a blockchain trade association based in Washington, DC, confirmed that the stalled stablecoin bill will likely pass the US Senate within weeks. Carbone remarked that the bill's slow movement represented only a short-term setback, as Congress has moved quickly to address the issue during this legislative session.
Carbone emphasized the bipartisan support for the bill, citing the US interest in preserving dollar dominance in global markets as a driving factor. “It’s stablecoin legislation. This Congress has already moved more expeditiously than we ever could have imagined,” he said. “So, yes, it’s a bump in the road, but I think very, very shortly, we will have another vote.”
The bill, known as the Guiding and Establishing National Innovation in US Stablecoins Act of 2025 (GENIUS Act), failed a procedural Senate vote on May 8 after several Democratic senators withdrew support. The pullback was linked to concerns over former President Donald Trump’s involvement in crypto, which complicated bipartisan backing. However, recent revisions removed references to Trump’s family, increasing the chances of approval by the end of May.
DDC Enterprise, a consumer brand originating from Hong Kong and operating in mainland China, has announced plans to implement a Bitcoin reserve strategy. CEO Norma Chu disclosed the acquisition of 100 BTC for about $10.4 million, setting a goal to gather 5,000 BTC within the next 36 months, with aspirations for 500 BTC by the close of 2025.
This development follows DDC’s reported 33% revenue growth in 2024, totaling 273.3 million Chinese yuan ($37.4 million), as stated in a filing made on May 15 with the US Securities and Exchange Commission (SEC). Although the company has made public announcements, its SEC filings do not yet clearly address Bitcoin holdings or the reserve strategy.
The filing also noted new accounting standards for cryptocurrency assets that the Financial Accounting Standards Board released in late 2023. DDC operates in mainland China which enforces stringent restrictions on cryptocurrencies. This action indicates a possible transformation in corporate attitudes towards Bitcoin in the area, albeit official regulations remain stringent.
Also Read: Crypto Prices Today: Bitcoin Price Holds Above $103K, ETH Dips 0.81%
The Northern Mariana Islands House voted 14-2 to override Governor Arnold Palacios’ veto of a bill permitting the local government in Tinian to issue a stablecoin. The territory’s Senate had previously overridden the veto with a 7-1 vote, clearing the way for the legislation to take effect.
The Marianas US Dollar (MUSD), a stablecoin, will be supported by cash and US Treasury bills managed by the Tinian Municipal Treasury. The local technology company Marianas Rai Corporation will develop the infrastructure to launch MUSD on the eCash blockchain. With a population of slightly over 2,000, Tinian is heavily dependent on tourism and officials believe the stablecoin can help diversify and enhance the economy.
Some politicians expressed anxiety over possible harm from introducing casinos and gambling into the region. They argued that the legislation would open up new sources of income besides existing federal support and tourism, which benefits Puerto Rico financially.
