USDStablecoin Weekly Spotlights: GENIUS Act, Wyoming WYST Launch, and More
Senate Passes GENIUS Act, Paving Way for $3.7 Trillion Stablecoin Market
The Senate passed the GENIUS Act on June 18, 2025, establishing a regulatory framework for dollar-pegged stablecoins with a bipartisan vote of 68-30. Coinbase CEO Brian Armstrong hailed it as a "big milestone," while Treasury Secretary Scott Bessent predicted stablecoins could reach a $3.7 trillion market by decade's end. However, some Democrats opposed it, citing concerns over President Trump's potential profits from stablecoins. Notable dissent came from Senators Peter Welch and Dick Durbin, who highlighted risks of benefiting Trump and crypto scams. The bill now moves to the House for further debate before possibly reaching Trump's desk.
Wyoming to Launch First State-Backed Dollar-Pegged Stablecoin, WYST, on August 20, 2025
Wyoming is set to launch the Wyoming Stable Token (WYST), the U.S.'s first state-backed, dollar-pegged stablecoin, on August 20, 2025. Authorized by the 2023 Wyoming Stable Token Act, WYST will generate revenue from U.S. Treasury bond reserves. Aptos and Sei were chosen as pilot blockchains after evaluating 11 ecosystems, with Aptos scoring the highest at 32 points. The initiative aims for cross-chain operability and compliance, supported by LayerZero and Fireblocks. The launch coincides with potential national stablecoin legislation, as corporate interest in stablecoins surges, reflecting a trend toward blockchain adoption in financial governance.
JPMorgan Launches JPMD Digital Deposit Token on Coinbase’s Base, Aims to Compete with Stablecoins
JPMorgan Chase has launched a pilot for its digital deposit token, JPMD, on Coinbase's Base blockchain, marking the first U.S. bank-issued deposit token on a public network. Unlike stablecoins, JPMD represents commercial bank deposits and is designed for institutional clients, offering a regulated and potentially interest-earning alternative. The pilot will initially use U.S. dollars, with plans for additional currencies. Key benefits include lower fees, fast transactions, and compatibility with existing banking regulations. The initiative aims to enhance on-chain settlements and cross-border transactions, as JPMorgan adapts its digital strategies amidst rising competition from yield-bearing stablecoins.
Bank of Korea Takes Cautious Stance on Potential Won Stablecoin Amid Banking Concerns
The Bank of Korea, led by Governor Rhee Chang-yong, is taking a cautious approach toward the potential introduction of a Korean won stablecoin. While acknowledging the concept, Rhee expressed concerns about the risks to foreign exchange management and the traditional banking sector, noting that greater demand for USD stablecoins might disrupt banks' revenue. Coordination with financial authorities is crucial to mitigate systemic risks.
Revolut Explores Launching Own Stablecoin Amid Industry Surge Following GENIUS Act
Revolut, a leading neobank serving 55 million retail and 500,000 business customers globally, is exploring the launch of its own stablecoin to enhance its cryptocurrency offerings. This initiative comes amid growing interest from various companies, including Amazon and Walmart, in issuing stablecoins following the U.S. Senate's passage of the GENIUS Act, which aims to establish a regulatory framework for stablecoins. With its valuation reaching $48 billion, Revolut's move aligns with the trend as banks and corporations seek to capitalize on lower transaction fees and faster payment settlements. However, concerns regarding privacy and competition persist.
Survey: 49% of Global Institutions Use Stablecoins, Driving Cross-Border Payments and Market Growth
A Fireblocks survey reveals 49% of global institutions currently use stablecoins for payments, with 41% in testing or planning stages. The report highlights a significant shift towards stablecoins in finance, emphasizing their role in facilitating faster cross-border B2B transactions, particularly in Latin America (71% prioritization). Key drivers for adoption include instant settlement (valued by 48% of executives) and improved security (36% foresee broader adoption). With 86% of firms prepared with the necessary infrastructure, the stablecoin market is projected to exceed $2 trillion by 2028, while USDC’s market value may reach $370 billion by 2029.
JD.com Joins Stablecoin Race, Aiming for 90% Lower Cross-Border Payment Costs
JD.com, a leading Chinese e-commerce firm, is entering the stablecoin market, aiming to reduce cross-border payment costs by 90% and enable settlements within 10 seconds. This initiative follows the US Senate's passage of the GENIUS Act, which establishes federal regulations for stablecoins. Initially focused on B2B transactions, JD.com plans to expand into consumer payments. Despite acknowledging potential challenges, founder Liu Qiangdong emphasizes a commitment to strengthening existing business models on a global scale. Concurrently, China aims to enhance the international use of its digital yuan, reflecting a growing interest in stablecoin infrastructure amid regulatory reforms.
Circle Stock Soars 14% After Buy Rating as Senate Passes GENIUS Act for Stablecoins
Circle (CRCL) stock surged 14% to $228 after Seaport Global initiated coverage with a buy rating and a $235 price target, dubbing it a "top-tier crypto disruptor." This spike followed the Senate's approval of the GENIUS Act, establishing a federal framework for dollar-pegged stablecoins, benefiting Circle and Coinbase, which share $61.2 billion in USDC cash reserves. Analyst Jeff Cantwell predicts a growth of the $260 billion stablecoin market to $2 trillion, with Circle's annual revenue potentially rising by 30%. However, the company's dependence on interest from reserves poses a risk if rates decline.
Coinbase Launches USDC Payment Platform for Shopify and Digital Merchants
Coinbase has launched Coinbase Payments, a USDC-based payment platform designed for digital merchants and payment service providers like Shopify. Built on the Layer-2 blockchain Base, it enables instant, gasless USDC payments with lower fees and no downtime. The platform integrates seamlessly into existing systems, allowing millions of Shopify merchants to accept USDC payments. Key features include a wallet-native checkout, an ecommerce engine for managing transactions, and an open-source smart contract protocol. In 2024, stablecoins processed $30 trillion in settlements, and Coinbase aims to capture this growing market with user-friendly infrastructure for digital asset transactions.
WLFI Integrates USD1 Stablecoin on Bitcoin Thunderbolt Network
WLFI has integrated the USD1 stablecoin on Bitcoin’s Thunderbolt Network, marking the first major stablecoin to operate natively on Bitcoin, enhancing transaction speed and efficiency. This development is expected to account for over 90% of the Thunderbolt Network’s volume. Bitcoin's price reached $107,857.33 with a market cap of over $2.14 trillion, reflecting a 63.69% market dominance. The integration improves liquidity and adoption of Bitcoin payments, addressing regulatory concerns with USD1 backed by U.S. treasuries. Experts praise this strategic move as a significant expansion of Bitcoin’s utility in payment networks and digital finance.
This article has been refined and enhanced by ChatGPT.
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