Stablecoin Rules Accelerate Adoption, but Infrastructure and Privacy Remain Key Challenges

The United States signed the GENIUS Act into law on July 18, 2025, establishing the first federal regulatory framework for payment stablecoins. It requires issuers to maintain full reserves in highly liquid assets such as U.S. dollars or short-term Treasury securities. Clear rules have reduced adoption risks for banks, payment providers and businesses, giving stablecoins a better chance of expanding into cross-border remittances and everyday payments.

At Consensus Miami 2026, MoonPay and Ripple executives said the GENIUS Act had given the industry a “permission slip” to enter mainstream markets. Industry participants cautioned, however, that the next phase will require improvements to transaction and settlement infrastructure, privacy protections and distribution channels. Even with lower regulatory barriers, stablecoins are still not ready to fully support mainstream payments.