2025年：支付稳定币之年

Laying the foundation In our 2023 publication,Engaging with Stablecoins, and our inauguralpiece in 2021,So You Want to be a Stablecoin Issuer, we exploredthe dynamics of this innovative digital asset class, highlightingcomplexities, market disruptions, and the evolving regulatorylandscape both in the United States and globally.1Fast forward to2025, and multiple forces appear to be encouraging “traditional”financial (non-crypto-native) companies to consider becomingstablecoin issuers, from the recent surge and market capitalizationand transaction volume of fiat-backed stablecoins, combined withsignaling from the new administration, banking regulators andmovement in the U.S. Congress towards a “payment stablecoin”(“PSC”) law and regulatory regime. A potential payment stablecoinissuer (“PSCI”) should strategically assess market opportunities,regulatory requirements, and required capabilities to successfullylaunch a PSC. As a result, we expect 2025 to be “The year of the paymentstablecoin,” potentially creating new opportunities for a wide rangeof market participants. In this next installment in our stablecoin series, we will delve deeperinto the current state of pivotal regulatory developments while alsopresenting a revised “impact and response framework,” groundedin leading industry practices. This framework can serve as a self-assessment tool for financial service companies and others that arestarting from “the ground up” in building out capabilities to supportthe issuance of PSCs. Definition – “Payment stablecoin” The proposed Guiding and Establishing NationalInnovation for US Stablecoins (GENIUS) Act defines a“payment stablecoin” as follows: We anticipate 2025 to be different than 2021 for a few reasons: •Theadministration’s stated priorityin supporting USD-backed stablecoins2•Forthcoming legislationwith the potential to create furtherregulatory clarity3•Early signs of market adoption and market activitywithbanks looking to become issuers and activity among venturecapital and private equity firms (A) means a digital asset— (i) that is or is designed to beused as a means of payment or settlement; and (ii) theissuer of which—(I) is obligated to convert, redeem, orrepurchase for a fixed amount of monetary value, notincluding a digital asset denominated in a fixed amountof monetary value; (II) represents that such issuer willmaintain or creates the reasonable expectation that itwill maintain a stable value relative to the value of a fixedamount of monetary value; or (III) has complied with theauthorization requirements of this Act; and (B) that—(i) is not a national currency; (ii) is not a deposit(as defined in section 3 of the Federal Deposit InsuranceAct), including a deposit recorded using distributed ledgertechnology; (iii) does not offer a payment of yield orinterest; and (iv) is not a security, as defined in section 2 ofthe Securities Act of 1933 (15 U.S.C. 77b), section 3 of theSecurities Exchange Act of 1934 (15 U.S.C. 78c), or section2 of the Investment Company Act of 1940 (15 U.S.C. 80a–2),other than a bond, note, evidence of indebtedness, orinvestment contract satisfying the conditions describedin subparagraph (A). Recent developments Administration developments Legislative developments As of February 2025, three bills have been introduced in Congressthat would set up a legal and regulatory framework for “paymentstablecoins”: (1) the GENIUS Act introduced in the Senate by SenatorBill Hagerty (R-TN), with some bipartisan co-sponsorship; (2) theStablecoin Transparency and Accountability for a Better LedgerEconomy (STABLE) Act introduced in the House by RepresentativeFrench Hill (R-AR); and (3) an as yet unnamed bill introduced in theHouse by Representative Maxine Waters (D-CA).7The probability ofPSCs legislation being enacted in 2025 has increased significantly,which could drive more companies to issue PSCs and encourageothers to leverage them within their business operations. Thispolitical shift is also expected to influence the regulatory landscape,reinforcing legitimacy of the underlying technology and product, andcreating opportunities for new market entrants. Since taking office, the Trump administration has begun to reframeUS policies toward the digital asset industry. In an early step,President Trump signed an executive order entitled “StrengtheningAmerican Leadership in Digital Financial Technology” that called fora new approach and set a 60-day deadline for agencies to identifyany relevant past guidance on digital assets.4With respect to PSCs,the executive order put explicit emphasis on promoting the globalgrowth of dollar-backed PSCs. In terms of policy details for achievingthis end, the new administration is still formulating an approach. Regulatory developments To date, federal agencies have taken some initial steps to rescind andadjust past guidance and adjust their supervisory approach and re-evaluate their approach to cryptocurrency.5 On March 7, 2025, on top of the sle