AAVE Surges as Stablecoin Bill Clears Key Hurdle in US Congress
Aave's native token has increased by 20% to $262 in one day, driven by a procedural vote on the GENIUS Act in Congress, which aims to provide regulatory clarity for stablecoins. The act would permit banks and companies to issue stablecoins under specific conditions, potentially enhancing institutional adoption. Aave facilitates lending, borrowing, and earning yield on stablecoins like USDC and DAI, and introduced its own stablecoin, GHO, in 2023. The protocol's Total Value Locked reached over $25 billion, surpassing competitors like Lido and EigenLayer. Strategic investments from World Liberty Financial and the approval of Aave v3 have further integrated Aave into the crypto landscape. Ethereum rose 4%, Chainlink gained 3.2%, and Solana added 2.6% on the same day.
