Lummis-Gillibrand stablecoin bill is beneficial for issuers and could 'spark M&A': TD Cowen

Quick Take

  • A bill introduced by Sens. Kirsten Gillibrand, D-N.Y., and Cynthia Lummis, R-Wyo., would benefit stablecoin issuers, TD Cowen said in a Monday note.
  • There is a path forward for stablecoin legislation though the investment bank said there are “significant hurdles” ahead such as getting it attached to a broader package.
  • Stablecoin legislation could also kindle M&A, TD Cowen added.

A newly introduced bill in the Senate would be beneficial to stablecoin issuers, according to a note from investment bank TD Cowen.