The US Operationalized Stablecoins This Week, But Who’s Using Them?

In the United States, federal banking agencies released implementation rules under the GENIUS Act, translating legislative intent into operational standards. At the same time, developments across Hong Kong, Switzerland and the private sector signaled a coordinated shift: stablecoins are increasingly treated as components of regulated financial infrastructure.

The combined convergence over the past handful of days of policy clarity, institutional adoption and ambitious volume projections may suggest a turning point. Stablecoins are entering a phase where their scale, design and risk profile must be evaluated not as crypto novelties but as systemic financial tools.

The challenge ahead will likely lie in balancing innovation with stability. But there is also a broader strategic question emerging about the role of stablecoins in the financial system. Are they primarily a means of enhancing existing payment infrastructure, or do they represent a more fundamental shift toward programmable money and decentralized settlement?

Only time, and the impact of the real-world use of stablecoins by corporates, consumers and national governments, will tell.

Read more: Stablecoin Pilots Keep Stalling on the Road to Scale 

From Policy to Practice and the Question of Scale

Perhaps the most consequential developments this week came from U.S. regulators, where implementation guidelines under the GENIUS Act began to define how stablecoin issuers will operate within the banking system. While the act itself established a high-level framework mandating reserve backing, disclosure standards and supervisory oversight, the newly released rules by federal agencies provide the procedural detail necessary for compliance.

The Federal Deposit Insurance Corporation (FDIC)’s proposed rule, which debuted this week under the GENIUS Act, establishes a framework that links stablecoin issuance directly to reserve integrity, liquidity discipline and custodial oversight. The rule aligns with the Office of the Comptroller of the Currency (OCC) on a prudential framework for FDIC-supervised permitted stablecoin issuers.

Elsewhere, the White House’s Council of Economic Advisers (CEA) published a stablecoin report with findings that potentially land more on the side of crypto firms seeking the ability to offer yield than the traditional banking interests opposing it. And on Wednesday (April 8), the Treasury Department proposed a rule requiring permitted payment stablecoin issuers (PPSIs) to adhere to anti-money laundering (AML) and sanctions compliance obligations.

While U.S. regulators focused on implementation this week, Hong Kong advanced on authorization. The territory on Friday (April 10) awarded its first stablecoin licenses to HSBC and Anchorpoint Financial, marking one of the earliest instances of a major global bank receiving explicit approval to issue or manage stablecoins under a dedicated regime.

And in Switzerland, a consortium of banks announced plans for a Swiss franc-backed stablecoin pilot, signaling a collaborative approach distinct from the competitive dynamics seen elsewhere. By pooling resources, participating institutions aim to create a shared infrastructure that aligns with domestic regulatory standards and leverages the country’s reputation for financial stability and stablecoin sovereignty.

The PYMNTS Intelligence and Citi report “Chain Reaction: Regulatory Clarity as the Catalyst for Blockchain Adoption” found that blockchain’s next leap will be shaped by regulation.

See also: Stablecoins’ Shadow FX Market Is Becoming a Corporate Treasury Issue

Balancing Innovation and Stability

Amid regulatory developments, private sector innovation continued to evolve. Circle announced a “stablecoin payment stack” offered as a service, effectively abstracting the technical and compliance complexity of stablecoin integration for enterprises.

Meanwhile, the blockchain developer Polygon Labs is reportedly looking to raise between $50 million and $100 million to build a new stablecoin payment business.

And alongside policy and product developments, new research released this week projected stablecoin transaction volumes at levels that could rival or exceed traditional payment networks over time.

The estimates, while inherently uncertain, are grounded in observable trends: growing adoption in cross-border payments, increasing integration with financial applications and the efficiency gains associated with on-chain settlement.

PYMNTS CEO Karen Webster explored the real-world use of stablecoin payments with Ryan Rugg, global head of Digital Assets for Treasury and Trade Solutions at Citi, and Tanner Taddeo, CEO of Stable Sea, during the latest episode of the “From the Block” podcast.

“Stablecoins aren’t a panacea,” Taddeo said. “From an enterprise perspective, they’re being used as point solutions.”

That emphasis aligns with what firms have been signaling. PYMNTS Intelligence data shows that interest in stablecoins is rising, particularly for payments, but adoption remains limited as companies wait for clearer rules and stronger ties to the banking system.

The report found that more than 40% of middle market firms have at least discussed or tested stablecoins, yet only 13% report actual usage.