The House approved the so-called GENIUS Act Thursday, which paves the way for banks and other firms to issue stablecoins, digital assets whose value is pegged to the U.S. dollar. (The Logic)

Talking point: A committee of the U.S. Treasury Department forecasts stablecoins are about to explode as a mainstream payment mechanism following the passage of this legislation, predicting the sector will grow eightfold to US$2 trillion by 2028. Stablecoins are fast, cheap and open to anyone to use without a bank account, posing a challenge to traditional payment methods. JPMorgan and Citigroup confirmed this week they’re considering launching stablecoins. Canada has no federal stablecoin legislation of its own, which the crypto industry has said puts the country at risk of falling behind. Superintendent of financial institutions Peter Routledge told reporters last month the Department of Finance is working on a framework.