Stablecoin rules fragmenting

Stablecoins are spreading through payments faster than governments are aligning the rules. (coindesk.com) A stablecoin is a digital token meant to hold a fixed price, usually $1 or €1, so it can move on blockchains like cash moves through bank ledgers. The Bank for International Settlements said on April 20 that global rulemaking has slowed and warned that fragmented national regimes could raise financial-stability risks. (coindesk.com) (bis.org) The concern is not only crypto trading. The Financial Stability Board’s recommendations for global stablecoins were designed for products that can cross borders, touch banking and payments rules at once, and face sudden redemption runs if holders all ask for cash back together. (fsb.org) (bis.org) Europe has moved further than most regions on a single rulebook. The European Securities and Markets Authority says the European Union’s Markets in Crypto-Assets Regulation, or MiCA, entered into force in June 2023 and became fully applicable on December 30, 2024, with uniform rules for crypto issuers and service providers across the bloc. (esma.europa.eu) That framework is now being used by banks that want their own tokenized euros. CoinDesk reported on April 21 that Fireblocks is providing issuance and distribution infrastructure for a euro stablecoin backed by the Qivalis consortium, a group of 12 European banks. (coindesk.com) Qivalis has been building toward this for months. CoinDesk reported on February 4 that BBVA became the 12th bank in the Amsterdam-based group, and on March 31 that the consortium was pitching a euro stablecoin as a way to avoid blockchain markets defaulting to dollar tokens. (coindesk.com 1) (coindesk.com 2) Card networks are moving too. Cointelegraph reported on March 3 that SoFi Technologies partnered with Mastercard so issuers and acquirers on Mastercard’s network could settle card transactions in the cash-backed SoFiUSD stablecoin, with SoFi Bank planning to settle its own Mastercard credit and debit transactions that way. (cointelegraph.com) Smaller payment firms are adding new rails even without a settled global rulebook. RedotPay said on April 21 that its more than 7 million users can now use SUI and USDC-Sui for spending and payouts in more than 100 countries, and the company said it was processing more than $10 billion in annualized payment volume as of November 2025. (fxstreet.com) The United States still does not have a final federal stablecoin law. Congress.gov says the GENIUS Act was introduced in the Senate on May 1, 2025, to create a regulatory framework for payment stablecoins, while a House committee document says the Senate passed it 68-30 on June 17, 2025. (congress.gov) (financialservices.house.gov) So the market is converging on one idea while the law is not: banks, card companies and fintechs are testing stablecoins as payment plumbing, but the guardrails still depend on which side of a border the token lands. (coindesk.com) (esma.europa.eu)