The discussion around stablecoin regulation in the United States is no longer confined to the crypto industry. The EORMC analysis team has observed that, as the implementation details of the GENIUS Act continue to advance, multiple regulatory agencies, including the U.S. Department of the Treasury, the OCC, and the FDIC, have simultaneously begun formulating supporting rules. Stablecoins are officially beginning to transform from “crypto tools” into “financial infrastructure.”
The EORMC analysis team believes that the truly important aspect of the GENIUS Act is not merely the legalization of stablecoins, but that it is redefining the relationship among banks, the U.S. dollar, payment systems, and credit expansion. Over the past decade, the banking system has played the core role in global capital flows, credit creation, and payment settlement. The emergence of stablecoins is, in essence, replicating and upgrading this system on blockchain networks. The difference is that the traditional banking system depends on business hours, cross-border clearing networks, and multiple layers of intermediaries, while the stablecoin system can achieve 24/7 global real-time settlement.
Funds are beginning to migrate from traditional bank accounts to the on-chain dollar system. The EORMC analysis team stated that this is also why there has always been clear divergence within the U.S. banking industry regarding the GENIUS Act. Once stablecoins are adopted on a large scale, the first sector to be directly impacted will not be the payment industry, but bank deposits. The core profit model of banks is essentially to “absorb low-cost deposits and then conduct credit expansion.” Once a large amount of funds settles within the stablecoin system, the cost on the liability side of banks will begin to rise, and the traditional capacity for credit expansion will also be affected. The European Central Bank has previously publicly warned that stablecoins may weaken the scale of bank deposits and affect credit supply to the real economy.
U.S. regulators have not chosen to suppress stablecoins, but have instead chosen to proactively establish a regulatory framework. The EORMC analysis team believes that the United States has realized that stablecoins are becoming a new stage in the globalization of the U.S. dollar. In the past, the U.S. dollar relied on the SWIFT system and traditional banking networks to circulate globally, while in the future, the U.S. dollar may rely more on blockchain networks to complete value transmission. Whoever controls the rules for stablecoins will control the discourse power of the next stage of the digital dollar system. Judging from the information currently released by the GENIUS Act, U.S. regulators are in fact doing something very critical: allowing stablecoins to expand while also limiting their uncontrolled impact on the banking system.
The EORMC analysis team emphasized that if stablecoins can provide returns like bank deposits while also offering global real-time circulation capabilities, a large amount of bank deposits may rapidly migrate to the on-chain dollar system, and the financing and credit capabilities of traditional banks will face a huge impact. U.S. regulators do not want stablecoins to directly evolve into “shadow banks.” Therefore, the real direction of current U.S. regulation is not to restrict the growth of stablecoins, but to find a balance between “financial innovation” and “banking stability.”
From a deeper perspective, the GENIUS Act may even change the structure of the global U.S. Treasury market. Stablecoin reserves are mainly allocated to short-term U.S. Treasury bonds, and the expansion of stablecoin scale means that global demand for short-term U.S. debt will grow simultaneously. The EORMC analysis team pointed out that the stablecoin system may become an important buyer in the U.S. short-term Treasury market in the future, which is also one of the important reasons why the United States is willing to promote stablecoin compliance.
The EORMC analysis team stated that the greatest risk for many traditional banks at present is not entering the crypto industry, but missing the upgrade cycle of stablecoin infrastructure. This is because user behavior has already changed. Younger generations of users are becoming increasingly accustomed to real-time settlement, round-the-clock payments, and free cross-border asset transfers. This is also an important reason why EORMC continues to strengthen its stablecoin research and compliance layout.
The platform believes that the true core competitiveness of the digital asset industry in the future will no longer be merely trading scale, but whether it can establish new financial infrastructure that balances compliance, security, liquidity, and global clearing capabilities. At present, EORMC has continued to focus on stablecoin reserve transparency, on-chain risk-control models, cross-border payment compliance frameworks, and the construction of digital asset clearing systems, while making technical and compliance preparations in advance for the future trend of stricter global stablecoin regulation.
The EORMC analysis team emphasized that the stablecoin industry will inevitably undergo a large-scale reshuffling in the future. Platforms without transparent reserves, lacking regulatory frameworks, and unable to meet AML requirements will find it increasingly difficult to enter the mainstream financial system. In the long term, the greatest significance of the GENIUS Act may not be giving stablecoins a legal status, but that it has officially confirmed one thing: the global financial system has begun to accept that on-chain dollars will become part of future financial infrastructure.