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1、2025 the year of payment stablecoins2025 the year of payment stablecoins1In our 2023 publication,Engaging with Stablecoins,and our inaugural piece in 2021,So You Want to be a Stablecoin Issuer,we explored the dynamics of this innovative digital asset class,highlighting complexities,market disruption

2、s,and the evolving regulatory landscape both in the United States and globally.1 Fast forward to 2025,and multiple forces appear to be encouraging“traditional”financial(non-crypto-native)companies to consider becoming stablecoin issuers,from the recent surge and market capitalization and transaction

3、 volume of fiat-backed stablecoins,combined with signaling from the new administration,banking regulators and movement in the U.S.Congress towards a“payment stablecoin”(“PSC”)law and regulatory regime.A potential payment stablecoin issuer(“PSCI”)should strategically assess market opportunities,regul

4、atory requirements,and required capabilities to successfully launch a PSC.We anticipate 2025 to be different than 2021 for a few reasons:The administrations stated priority in supporting USD-backed stablecoins2 Forthcoming legislation with the potential to create further regulatory clarity3 Early si

5、gns of market adoption and market activity with banks looking to become issuers and activity among venture capital and private equity firmsLaying the foundationAs a result,we expect 2025 to be“The year of the payment stablecoin,”potentially creating new opportunities for a wide range of market parti

6、cipants.In this next installment in our stablecoin series,we will delve deeper into the current state of pivotal regulatory developments while also presenting a revised“impact and response framework,”grounded in leading industry practices.This framework can serve as a self-assessment tool for financ