Stablecoins, backed by the dollar, are becoming increasingly important in the U.S. financial system. New legislative initiatives and interest from major companies herald significant changes in this field.
Federal Regulation for Stablecoins Emerges
In July 2025, the U.S. president signed the GENIUS Act, establishing the first federal framework for stablecoins in the country. The law officially recognizes stablecoins as digital payment tools, distinguishing them from traditional securities and bank deposits. Now, only licensed issuers can release dollar-backed stablecoins, which must be backed by assets like short-term Treasury bills. This law also establishes rules for auditing and oversight of issuers based on their size.
Wall Street and Retail Giants Step In
With the advent of new regulations, major financial institutions such as JPMorgan and Citigroup have begun actively exploring the use of stablecoins. JPMorgan launched a pilot project called JPMorgan Deposit Token, planning integration with a public blockchain. Besides banks, major retailers like Amazon and Walmart are also investigating the creation of their own stablecoins to reduce payment processing costs.
Stablecoins and Their Impact on U.S. Debt Market
As of now, the stablecoin market is valued at approximately $263 billion, indicating significant growth in recent years. A large portion of stablecoin reserves is now invested in short-term Treasury instruments, making them major holders of government debt. Analysis indicates that stablecoins are beginning to have a considerable impact on the yield of Treasury bonds and overall financial policy.
Stablecoins occupy an increasingly prominent place in the U.S. financial system. Despite emerging questions regarding safety and regulation, their future depends on the ability to ensure transparency and reliability within the ecosystem of digital finance.
