The USA’ new method to stablecoin regulation is reshaping international liquidity flows and driving a pointy structural cut up with the European Union’s Markets in Crypto-Belongings (MiCA) regime, successfully creating separate US and EU stablecoin liquidity swimming pools, based on a brand new report from blockchain safety auditor CertiK.
The report finds that the US digital asset market entered a brand new part of regulatory readability in 2025, with federal laws and administrative reforms now broadly aligned round how digital property are issued, traded and custodied.
On the middle of that shift is the GENIUS Act, signed into legislation by US President Donald Trump in July, which establishes the primary federal framework for fee stablecoins. The legislation imposes strict reserve necessities, bans yield-bearing stablecoins, and formally integrates stablecoin issuers into the US monetary system.
Whereas the framework gives long-sought regulatory certainty for US issuers, the report warns that it additionally accelerates international divergence with the EU’s MiCA regime, leaving the US with a “distinct liquidity pool” and successfully fracturing the worldwide stablecoin market.
Because of this, CertiK expects stablecoin liquidity to turn out to be more and more segmented by jurisdiction, introducing new cross-border settlement frictions and doubtlessly opening the door to regional stablecoin arbitrage.
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MiCA attracts fireplace over banking danger as US sees stablecoins as statecraft
Whereas the European Union’s MiCA regime mirrors the US GENIUS Act in requiring full redemption at par and banning yield on stablecoins, it has drawn criticism for introducing banking focus danger, as the foundations require a majority of issuer reserves to be held inside EU-based banks.
Paolo Ardoino, CEO of Tether, informed Cointelegraph that this construction may introduce “systemic risks” for issuers, noting that banks usually lend out a big share of their deposits beneath the fractional reserve system.
Others, together with Anastasija Plotnikova, founding father of Fideum, have warned that MiCA’s framework may additionally speed up business consolidation, elevating limitations to entry for smaller issuers resulting from larger compliance and capital prices.
Nonetheless, neither the GENIUS Act nor MiCA seems designed to protect international stablecoin fungibility. As an alternative, each frameworks prioritize regulatory oversight and monetary stability, whereas, within the case of america, explicitly reinforcing dollar liquidity and global dollar usage.
That view was bolstered earlier this yr by Treasury Secretary Scott Bessent, who mentioned the administration would take a deliberate method to stablecoin regulation and use it as a software to increase US greenback dominance.
“As President Trump has directed, we’re going to preserve the US [dollar] the dominant reserve foreign money on the earth, and we are going to use stablecoins to do this,” Bessent mentioned.
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