Stablecoins are cryptocurrencies designed to hold the value of a U.S. dollar. For many lawmakers on both sides of the aisle, passing a stablecoin bill seemed more feasible this year than tackling a larger crypto market structure bill, especially because stablecoins are less volatile and their value is usually tied to actual money sitting in a bank.

Sen. Richard Blumenthal wrote letters to Trump-affiliated business executives, asking about their ownership and investment structure.

Nine Senate Democrats pulled support from a Republican-backed stablecoin measure, causing chaos for Republicans and threatening President Trump's crypto-forward plan.