US stablecoin regulation: Which stablecoins could benefit — and which ones pose risks?
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Stablecoins are tremendously popular in the crypto industry, with assets like Tether (USDT), USD Coin (USDC), Sky Dollar (USDS) and numerous others used for on-ramping, off-ramping, value storage and transfers to ensure stability and rate predictability. For instance, the USDT stablecoin usually features higher trading volumes than even Bitcoin (BTC) or any other cryptocurrency on the market. As of the time of this writing (Apr 8, 2025), three out of the top seven crypto assets by daily trading volumes are stablecoins — USDT, USDC and First Digital USD (FDUSD).
Given the popularity and active use of stablecoins, regulatory bodies around the world have taken measures to control the operation of these assets. The European Union (EU), UK and key crypto hubs in Asia (such as Hong Kong and Singapore) have passed laws providing varying levels of regulatory oversight for stablecoin cryptocurrencies. Unlike these jurisdictions, the US has yet to implement comprehensive federal-level laws regarding stablecoin issuance, trading and other operations.
However, 2025 might finally see the first US legal framework addressing stablecoin regulation. It’s expected that a couple of legislative acts concerning stablecoins — the STABLE Act and GENIUS Act — will be considered by the US House of Representatives and the Senate in the coming months, and may be enacted later this year. If implemented, these laws will bring significant clarity to the regulation of stablecoins in the US market.
As a result of these regulatory changes, some stablecoin assets are widely expected to benefit, while others might find themselves in a more challenging situation.
In this article, we’ll examine the current and expected stablecoin regulatory landscape in the US, compare it with frameworks used in other countries worldwide and discuss which stablecoins may see their standing and popularity boosted by the changes — and which ones are likely to face difficult choices.