Bo Hines promises comprehensive stablecoin legislation is imminent, emphasizing the government's urgency to maintain the US dollar's dominance

Bo Hines, the executive director of the President's Council of Advisers on Digital Assets, said comprehensive stablecoin legislation is expected to be finalized in the coming months, underscoring the government's urgency to maintain the US dollar's dominance in onchain activity.

Bo Hines, the executive director of the President’s Council of Advisers on Digital Assets, said on Monday that comprehensive stablecoin legislation could be finalized in the coming months.

Speaking at the Digital Asset Summit in New York, Hines said stablecoin legislation is "imminent" following the Senate Banking Committee's approval of the GENIUS Act last week. The legislation, an acronym for Guiding and Establishing National Innovation for US Stablecoins, would set up a framework for stablecoins used in the United States.

"We saw that vote come out of the Senate Banking Committee in extremely bipartisan fashion, ... which was fantastic to see," he said.

When asked about when stablecoin legislation will be passed, Hines said, "I think that stables could be on the president's desk here in the next two months."

Right now, the market seems to be underestimating what this bill "could do for the U.S. economy in terms of U.S. dollar dominance, in terms of payment rails, in terms of altering the course of financial markets," he added.

The U.S. dollar accounts for the vast majority of the $230 billion worth of stablecoins in circulation, suggesting that the greenback remains the currency of choice for funding cryptocurrency exchanges and sending remittances overseas.

Some industry experts believe this will change in the future as stablecoins become multi-currency, but so far, digital dollars remain the overwhelming favorite.

U.S. Treasury Secretary Steven Mnuchin said the Trump administration will use stablecoins to maintain the dollar's status as the global reserve currency, which partly explains the sense of urgency to push legislation over the finish line.

"We are going to put a lot of thought into the stablecoin regime, and as President Trump has directed, we are going to keep the U.S. [dollar] the dominant reserve currency in the world, and we will use stablecoins to do that," Mnuchin said at the White House Crypto Summit on Wednesday.