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 becoming As a result, we expect 2025 to be “The year of the paymentstablecoin,” potentially creating new opportunities for a wide range 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- Definition – “Payment stablecoin” The proposed Guiding and Establishing NationalInnovation for US Stablecoins (GENIUS) Act defines a 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 further (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 amount (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 the Recent developments Administration 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 of 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 identify Regulatory developments To date, federal agencies have taken some initial steps to rescind andadjust past guidance and adjust their supervisory approach and re- In Congress, each of the three PSC bills that has been introducedestablishes a federal regulatory framework for PSCs, which would bea critical step. Common elements of these bills include one-to-onebacking of reserve assets to tokens in circulation, restrictions onasset types for PSC reserves, and regular auditing and certification On March 7, 2025, on top of the slew of recent administrativedevelopments, the Office of the Comptroller of the Currency (OCC)rescinded its Interpretive Letter 1179 (which outlined the agency’ssupervisory nonobjection process for banks to engage in digital In the interim, state-based frameworks, like the New YorkDepartment of Financial Services (NYDFS) BitLicense regime andstate money service business licensing requirements, remain the Definition – “Payment stablecoin Issuer” Under the three current PSC acts under consideration inCongress, permitted payment stablecoin issuers would belimited to nonbank entities (an entity that is not an insureddepository or a subsidiary of an insured depository,each an “NBE”) and subsidiaries of insured depository The debate on the role of federal and state regulators for PSCIsremains a significant sticking point in Congress. The roles of theFederal Reserve Board of Governors (FRB) and the OCC differunder the proposed bills, as do the roles of state regulators. If theapproach proposed under the current iterations of the GENIUS andSTABLE bills prevail and becomes the law, the OCC would becomethe exclusive federal regulator for NBEs that are not operatingunder a State-only option. There are, however, a diversity of views How do you want to engage? Companies will encounter multiple opportunities to engage withPSCs and must continuously assess which part of the value chainto participate in. Some entities will aggressively seize market sharewith a first-mover strategy, while others will react when external useof PSCs demands their involvement. Executives need to evaluate Enabling the Ecosystem Custodian of PSCs:Firms can safeguard PSCs on behalf ofclients and users, providing secure storage and the