德勤Deloitte2025美国支付稳定币之年监管动态风险框架与市场机遇报告英文版31页

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 disruptions, 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 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, regulatory requirements, and required capabilities to successfully launch a PS