The interesting stablecoin race stopped being about technology the day the rules landed. It is now a distribution race wearing a compliance costume.
A licence does not make your stablecoin used, just usable: by banks, by payment processors, by the treasury desks that were never going to touch the unlicensed version. The winners are the issuers converting that permission into rails: card networks, payroll providers, remittance corridors.
Which is why the loudest signal this quarter is who is hiring partnership leads instead of cryptographers, not anyone's audit report.
If you are evaluating a stablecoin project right now, skip the peg mechanics section of the docs and read the integrations page. The peg is table stakes. Distribution is the moat.
The sourced version
The GENIUS Act Changed the Game. Here's Who Actually Wins.
The first federal stablecoin law is now being implemented. The OCC is writing the rules, banks are fighting over yield, and the market structure is shifting faster than the debate.
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