FinTechON｜The U.S. Genius Act ignites the global stablecoin race, GBBC CEO: Companies should view it as a strategic decision.

The United States officially passed the GENIUS ACT in July 2025, laying the foundation for the regulation of digital assets and artificial intelligence, and triggering the next wave of competition in global stablecoin and payment systems. Sandra Ro, CEO of the Global Blockchain Business Council (GBBC), pointed out at the FinTechON & AFA summit that while this legislation is a key breakthrough, future developments will depend on whether international coordination of regulations can be achieved and how the market determines winners and losers.

U.S. Regulatory Turning Point: The Introduction of the "GENIUS Act"

Ro believes that the "GENIUS Act" is a "door-opening legislation" for the regulation of digital assets in the United States, providing clear rules for stablecoin issuers and custodians. The law requires that USD stablecoins must have 100% reserve backing and adopts a dual-layer regulation: those below $10 billion are regulated by state governments, while those above $10 billion are taken over by the federal government. Although the core goal is to protect consumers, she warns that the relevant details and enforcement will still take years, to be gradually implemented by agencies such as OCC and SEC.

(The US "GENIUS Act" comprehensively regulates payment stablecoins: issuing thresholds, reserve standards, and regulatory systems at a glance )

Rare bipartisan consensus: Political attitude "major shift"

The stablecoin bill, which was still controversial at the beginning of this year, has now gained bipartisan support in the United States. Ro described this as a "huge shift" in the policy atmosphere. Next, the market infrastructure bill that is about to be proposed by the House of Representatives and the Senate may become the focus of the next legislative debate.

Stablecoin Bill Restrictions and Gaps: Deposit Tokens Are Not Covered by the Bill

Although the GENIUS Act covers stablecoins, the tokenized deposits that banks are exploring are not included. Ro pointed out that how to handle the interoperability between tokenized deposits and stablecoins remains an unresolved issue. Industry groups are trying to coordinate traditional financial institutions, infrastructure, and blockchain protocols to avoid systemic risks.

The prospects for the US CBDC are "very bleak."

Ro's attitude towards central bank digital currencies (CBDCs) is very straightforward: it's almost impossible in the United States. Some states have even passed laws to prohibit CBDCs, while Wyoming has launched a state-level sovereign stablecoin, FRNT. She emphasized that the U.S. route is for the private sector to issue stablecoins, rather than a federal CBDC.

Payment competition from FedNow

In addition to Blockchain, Ro reminds the market that the United States already has the FedNow instant payment system, which is similar to Brazil's PIX or India's UPI. Although it is not based on Blockchain, it may establish a dominant position in the domestic payment market. The question is how FedNow and stablecoin networks will coexist in retail and wholesale payment scenarios in the future, which remains to be observed.

The Future of Stablecoins: Global Cooperation or Market Fragmentation?

On an international level, Ro calls on regulators to focus on standard coordination, including KYC/AML, risk management, and governance frameworks, rather than directly selecting market winners. She revealed that GBBC has published a risk mitigation framework for the use of public chains to assist financial institutions in establishing best practices. Ultimately, market competition will determine the success or failure of platforms and issuers.

Tech giants become potential disruptive forces

With major companies like PayPal, Stripe, and Mastercard actively positioning themselves, tech giants are seen as potential "game changers" in the stablecoin space. At the same time, if social platforms like Meta, X, and TON launch their own tokens, they will create a payment ecosystem that surpasses the scale of most countries, leveraging billions of users.

Companies should be regarded as a core strategy: from banking to supply chain.

Ro emphasized that stablecoins should become a strategic decision for corporate executives, rather than an ancillary project. Logistics giants like FedEx, UPS, and CNI Transportation have already utilized blockchain for supply chain tracking and plan to integrate payments in the future, which will require further international coordination.

Dollar hegemony and foreign exchange dilemmas

As a former foreign exchange banker, Ro reminds the market that currently nearly 99% of stablecoins are pegged to the US dollar, effectively becoming a "dollar proxy." Other countries wishing to issue their own stablecoins are often limited by insufficient liquidity and infrastructure, resulting in a global digital asset system still dominated by the US dollar.

Bitcoin enters the national strategic vision

Looking to the future, some state governments in the United States are studying the establishment of strategic wealth funds that include Bitcoin, with models that may range from passive holding (such as gold or BTC reserves) to active participation (running nodes, mining, yield strategies). Ro reminds us that to promote such funds, a rigorous due diligence and governance framework must be established to balance potential returns with risks.

This article FinTechON｜The US Genius Act ignites a global stablecoin competition, GBBC CEO: Enterprises should regard it as a strategic decision. First appeared on Chain News ABMedia.