US Stablecoin Market Gains Momentum Amid Regulatory Relief

The US stablecoin market is seeing significant developments as lawmakers and regulators work towards a consensus on market structure legislation. The SEC has announced that it will relax rules on broker-dealers' treatment of stablecoins, allowing them to hold a smaller percentage of their value in reserve.

This move is seen as a step towards greater stability for the US stablecoin market, which has been hampered by regulatory uncertainty and friction points limiting Wall Street's adoption of dollar-backed tokens. The relaxation of rules on broker-dealers' treatment of stablecoins will make it easier for them to engage in activities related to tokenized securities and other crypto assets.

Meanwhile, Binance's CEO Changpeng 'CZ' Zhao has hinted at plans for a US return, saying that the company wants to bring a superior product offering to the US market. However, the company is also facing scrutiny over its alleged involvement in sanctions evasion, with reports suggesting that it may have facilitated transactions worth billions of dollars for Iranian entities.