The MiCA and GENIUS bills are increasingly diverging, and the final form of stablecoins has not yet been decided.

View Original
MeNews
The fragmentation of stablecoin architectures intensifies: regulatory pressure drives competition between the "ticket-based cash" and "bank deposit-type token" approaches
The global financial system is entering a phase of structural differentiation, with the total market value of stablecoins around $323.4 billion.
In the future, the digital dollar may choose between "ticket-based stablecoins" and "bank deposit tokenization": the former offers instant settlement and reduces intermediary risk, approaching on-chain cash; the latter follows the traditional banking system, with stricter KYC and clearing, and limited cross-chain interoperability.
The MiCA and GENIUS acts accelerate this differentiation, with the former defining regulations for electronic money, and the latter requiring 100% cash and short-term U.S. Treasury reserves, affecting payment attributes and cross-border status, while also improving efficiency but introducing liquidity risks.
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • Comment
  • Repost
  • Share
Comment
Add a comment
Add a comment
No comments
  • Pinned