The regulation of stablecoins is becoming globalized

Crypto Regulation Moves from Discussion to Institutional Structure

During 2025, the global cryptocurrency regulatory landscape underwent a significant transformation, shifting from a state dominated by theoretical discussions, scattered judicial precedents, and fragmented policy signals to a more concrete legislative and regulatory system implemented across multiple jurisdictions. In this process, specialized regulation of stablecoins gradually rose to become a core policy issue, reflecting regulators' deepening concerns about liquidity risks, reserve management, and the potential systemic impacts of digital assets.

Among these developments, one of the most influential regulatory advancements occurred in the United States. The "U.S. Stablecoin Innovation and Regulation Act" (GENIUS Act) officially took effect on July 18, 2025, establishing a federal regulatory framework for payment stablecoins. The act explicitly requires certain stablecoins to be backed by reserves of U.S. dollars or other low-risk assets on a 1:1 basis and introduces a parallel regulatory structure at both federal and state levels to enhance transparency and consumer protection.

Over 70% of Jurisdictions Advance Stablecoin Regulatory Rules

According to a global crypto policy review report released by TRM Labs in 2025 (covering 30 jurisdictions), over 70% of jurisdictions prioritized stablecoin regulation as a key issue that year. This percentage clearly indicates that a regulatory consensus around digital cash and payment infrastructure is gradually forming on a global scale.

Meanwhile, the report also noted that approximately 80% of surveyed jurisdictions announced digital asset-related plans involving banks or regulated fintech institutions, showing that as the regulatory framework becomes clearer, traditional financial institutions are gaining a more defined institutional pathway to participate in the construction of crypto asset infrastructure in a compliant manner.

U.S. OCC Clarifies Bank Participation in Crypto Asset Transfers

In the United States, the clarification of regulations is reflected not only at the legislative level but also extends to banking operational guidelines. In early December 2025, the Office of the Comptroller of the Currency (OCC) issued an interpretive letter, clearly stating that national banks can conduct so-called "riskless principal" crypto asset transactions on behalf of customers. In this model, banks act as intermediaries facilitating the transfer of customers' crypto assets without assuming balance sheet risk.

This clarification is significant. Previously, due to uncertainty about which crypto-related activities were permissible banking operations, many U.S. banks maintained a cautious approach when executing crypto transactions for customers. The OCC likened riskless crypto asset transfers to brokerage services in traditional securities and derivatives markets, providing a clear pathway for banks to participate in crypto asset settlement activities within a compliant framework.

Additionally, on December 12, 2025, the OCC conditionally approved the national trust bank charter applications of five digital asset-related companies, including institutions focused on custody and settlement services. This move may further accelerate the process of integrating crypto assets into the mainstream financial system through federally regulated entities.

U.S. Policy Changes and Global Regulatory Momentum Create Resonance

The regulatory progress in the U.S. is highly consistent with policy trends worldwide. Analyses from several independent policy tracking organizations indicate that an increasing number of jurisdictions are proposing or implementing regulatory frameworks that cover both stablecoins and broader digital asset infrastructure.

The regulatory focus has also shifted from early "regulatory sandbox" style experiments to legally binding institutional arrangements aimed at protecting wallet users and maintaining financial stability. These frameworks typically concentrate on operational risks, liquidity management, reserve transparency, and preventing regulatory arbitrage, and are enforced through stricter disclosure requirements, reserve audit mechanisms, and clear divisions of regulatory responsibilities.

Moving from Uncertainty to Structural Clarity

Overall, this series of developments marks a structural shift in global digital asset policy. The regulatory approach is transitioning from a fragmented and uncertain environment to a more coherent and consistent institutional framework, with a focus on the integrity of stablecoins, the boundaries of bank participation, and consumer protection.

This shift reflects a growing consensus among policymakers: without a clear regulatory system, the expansion of stablecoins and other digital assets could introduce risks similar to those in the traditional financial system at the levels of liquidity, reserves, and systemic impact.

By establishing clearer regulatory expectations and legally binding institutional frameworks, regulators aim not only to reduce risks but also to create conditions for broader institutional participation, thereby laying the groundwork for a deeper integration of digital assets with the mainstream financial system in the future.

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