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Institutional Financial Analysis

Home/Markets & Investing/STABLECOIN REGULATION · CRYPTO IRS RULING

Payment Giants are Racing to Own the Stablecoin Settlement Layer

ZB

Zora Bancroft

stablecoin regulation · Apr 10, 2026

Payment Giants are Racing to Own the Stablecoin Settlement Layer

Source: The Digital Ledger Data Terminal

Payment networks are redesigning their settlement and payout infrastructure around stablecoins even as these assets account for less than 3% of global payment flows. This shift allows stablecoin settlement to expand commercially without becoming visible at the point of sale, as many hybrid flows never appear as on-chain merchant transactions.

Related Brief1d ago
stablecoin regulation

Treasury Department Proposal Would Mandate Technical Kill Switches in Stablecoins

Stablecoin users will face restricted access to funds, reduced on-chain privacy, and an increase in wallet freezes and asset seizures. This is the result of a a Treasury Department proposal to implement the GENIUS Act, which treats permitted payment stablecoin issuers as permitted payment stablecoin issuers as financial institutions under the Bank Secrecy Act. Under this rule, the US Treasury, through FinCEN and OFAC, { "// own single quote quote: the source material provided does not contain a quote from a person, and the "// own single quote quote: the source

Visa launched USDC settlement in the US in December 2025. By March 25, its global stablecoin settlement activity reached an annualized run rate of $4.6 billion across more than 130 stablecoin-linked card programs in more than 50 countries. Stripe's stablecoin payments volume doubled to around $400 billion in 2025, while Mastercard's digital currency payment use cases reached at least $350 billion in 2025.

Related Brief2d ago
digital assets

Stablecoin Yield Ban Transfers $800 Million From Consumers to Banks

Consumers lose $800 million in annual returns under a prohibition of yield on digital assets. This loss is the result of the GENIUS Act, enacted in July 2025, which prohibits stablecoin issuers from offering issuers from offering interest or yield on holdings. Users moved $54.4 billion from stablecoins back into bank deposits. Total bank lending increased by $2.1 billion, representing 0.02% of the total loan size. Large banks provide 76% of6% of the additional lending, while community banks with assets below $10 billion provide 24%. Community bank lending increased by $500 million, or 0.026%.

This institutional pivot follows the enactment of the GENIUS Act in July 2025, which supplied the formal US legal framework required for institutional adoption. The largest payment companies are now competing to control the orchestration, compliance, and reserve management layers of the next payment cycle.

Related Brief2d ago
regulation

Stablecoin issuers will now be treated as financial institutions under new US rules

Stablecoin issuers will now be treated as financial institutions, subject to the same anti-money laundering and sanctions compliance obligations as banks. Under a new proposed rule from the US Treasury, issued jointly by FinCEN and OFAC, permitted payment stablecoin issuers (PPSIs) will fall under the Bank Secrecy Act (BSA)—a shift that ends their status as entities operating in regulatory gray zones. These firms must now implement AML and counter-terrorism financing programs, establish sanctions compliance systems, monitor and report suspicious activity, and maintain internal controls aligned with federal standards. The rule is designed to curb illicit finance while preserving space for innovation in digital payments. By classifying PPSIs as financial institutions, regulators are mandating that they act as compliance gatekeepers—equipped to respond to flagged transactions and cooperate with law enforcement. The framework, rooted in the 2025 GENIUS Act, reflects a broader recognition that stablecoins are integral to the financial system, not peripheral tech experiments. The proposal is not final; once published in the Federal Register, a public comment period will allow industry participants, banks, and crypto firms to shape its implementation. The outcome will define how stablecoins operate in the US for years to come—and may set a global benchmark for crypto regulation.

Chainalysis projects stablecoin volume could reach $719 trillion by 2035. Transaction volumes could intersect Visa and Mastercard off-chain volumes between 2031 and 2039.

Related Brief17h ago
cryptocurrency

Crypto's Public Ledger Makes Surveillance Easy, Binance Founder Warns

Most crypto transactions can be tracked by combining blockchain data with KYC information from centralized exchanges. The blockchain is a public ledger that records all transactions. This transparency creates a privacy gap for individuals using cryptocurrency. Tim Draper's vision of paying employees, suppliers, and taxes via Bitcoin smart contracts is complicated by this lack of privacy. CZ warns that without better privacy protections, the balance between regulatory compliance and individual rights is at risk. U.S. regulators are making progress on crypto rules, but stablecoin interest rate regulations under the GENIUS Act remain unresolved. Some U.S. agencies already use blockchain analytics effectively, though most global regulators still lag in capability.

stablecoin regulationcrypto IRS ruling

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