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The US Treasury Department has launched a request for public comments aimed at combating illicit activities associated with dollar-pegged cryptocurrencies, stablecoins. 

This initiative follows the recent passage of the GENIUS Act, a comprehensive piece of legislation designed to provide a regulatory framework for the stablecoin market issuers such as Tether (USDT) and Circle (USDC) in the United States.

The request aligns with the President Donald Trump’s Administration and broader policy to promote the growth of digital assets, as outlined in Executive Order 14178, which emphasizes strengthening American leadership in digital financial technology. 

Treasury Focuses On APIs, AI, And Blockchain

The Treasury’s call for public input is a direct requirement of the recently signed into law GENIUS Act, which mandates the Department to explore innovative methods for detecting illicit activities in the digital asset space.

The Treasury is particularly interested in gathering feedback on a range of technologies that could enhance the ability of regulated financial institutions to identify and mitigate risks associated with these digital assets. 

Among the specific areas of focus are application program interfaces (APIs), artificial intelligence (AI), digital identity verification, and blockchain monitoring. 

These tools are considered essential in advancing the fight against illicit finance, although they may also pose new challenges and resource burdens for financial institutions.

In line with the GENIUS Act’s objectives, the public comments will inform research regarding the effectiveness and costs of these technologies, as well as considerations related to privacy and cybersecurity. 

The Treasury Department encourages individuals and organizations to submit their insights within 60 days, with a deadline set for October 17.

Crypto Stablecoin Regulations

The GENIUS Act, signed into law by President Trump, establishes a regulatory environment for payment crypto stablecoin issuers, emphasizing consumer protection and enhancing the US dollar’s status as a global reserve currency. 

It includes provisions for strong reserve requirements and aims to align state and federal frameworks governing stablecoins. Additionally, it mandates that payment stablecoin issuers adhere to federal laws applicable to financial institutions related to economic sanctions, anti-money laundering, and customer identification.

As part of its mandate under the GENIUS Act, the Treasury will conduct research based on public comments and will subsequently issue reports and guidance aimed at enhancing the detection of illicit activities. 

The Treasury has highlighted the importance of APIs, which serve as access points for different software applications, enabling them to communicate and share data efficiently. 

This can enhance transaction monitoring and compliance with anti-money laundering (AML) regulations. AI is also prioritized as a key innovation, enabling financial institutions to analyze vast amounts of data and identify patterns indicative of illicit finance.

Digital identity verification tools are gaining traction in the digital asset sector, helping to establish and confirm the identities of users in a secure manner. The Department highlights that these tools can facilitate compliance with AML requirements while also maximizing user privacy. 

Lastly, the focus also extends to the use of blockchain technology and monitoring allows for the tracking and analysis of transactions on public ledgers, providing valuable insights into potentially crypto illicit activities.

Featured image from DALL-E, chart from TradingView.com 

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Julia Smith

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Julia Smith

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Julia is an experienced editor with a passion for covering a wide variety of beats. She loves all things politics and regularly covers regulatory updates on emerging technology here for Crypto News.

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August 18, 2025

The U.S. Treasury is calling on the public to provide feedback required by the GENIUS Act on how the government could help prevent “illicit finance risks” tied to digital assets, per a Monday press release from the government department.

U.S. Treasury Puts The GENIUS Act In Action

According to the August 18 notice, the U.S. Treasury is seeking comment from interested members of the public at large on how financial institutions can push back on unlawful crypto use.

“This request for comment offers the opportunity for interested individuals and organizations to provide feedback on innovative or novel methods, techniques, or strategies that regulated financial institutions use, or could potentially use, to detect illicit activity involving digital assets,” the U.S. Treasury states.

“As required by the GENIUS Act, Treasury will use public comments to inform research on the effectiveness, costs, privacy and cybersecurity risks, and other considerations related to these tools,” the press release continues.

Scott Bessent Shares His Take In New Statement

Following news of the request for comment, U.S. Treasury Secretary Scott Bessent praised implementing the GENIUS Act as “essential” to “securing American leadership in digital assets.”

“Stablecoins will expand dollar access for billions across the globe and lead to a surge in demand for U.S. Treasuries, which back stablecoins,” Bessent said.

“It’s a win-win-win for everyone involved: stablecoin users, stablecoin issuers, and the U.S. Treasury Department,” he added.

U.S. President Donald Trump signed the crypto legislation into law last month, much to the appeasement of key players in the blockchain sector.

“Let me say, the entire crypto community, for years you were mocked and dismissed and counted out,” the president continued. “You were counted out as little as a year and a half ago—but this signing is a massive validation.”

The move reinforces that the GENIUS Act isn’t just symbolic — it’s now becoming the framework for America’s digital asset strategy.

Jeremy Allaire, cofounder of Circle, the company behind USDC stablecoin, has dropped a motivational post on X. Allaire emphasized the importance of persistence in the cryptocurrency industry in the post. He did this by highlighting his role in the birth of the GENIUS Act.

Jeremy Allaire reflects on Circle’s early struggles

The Circle CEO recalled how many stakeholders, including investors, regulators and even family members, doubted him when he conceived the idea of Circle in 2013. According to him, the idea that money could move just like information on the internet, cheaply, instantly and globally, was unbelievable to many.

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However, with 12 years of persistence, patience and collaboration, the stablecoin sector has witnessed massive growth. Allaire noted that, working with regulators and lawmakers, legislation to regulate the sector has finally seen the light of day.

For context, the GENIUS Act is landmark legislation for the crypto industry in the U.S., particularly for stablecoins. The act provides a regulatory framework and transparency for fiat-backed stablecoins.

Allaire is stating that if he had given up when many did not believe in Circle, or thought that “internet money” was crazy, these gains would not have been achieved. In a nutshell, he said that large systems do not change overnight, announcing that the internet of money has arrived.

Circle’s market position

Circle currently ranks second on the stablecoin market, with a market capitalization of $68.14 billion. It is surpassed only by Tether, whose market cap stands at $166.81 billion.

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Meanwhile, earlier in May 2025, the rumor of Ripple acquiring USDC was widespread, with the XRP-backed company offering $20 billion. However, the deal unraveled as Circle filed for an IPO with the New York Stock Exchange.

In July, John Deaton, pro-Ripple lawyer, had to dismiss speculation that Circle posed a threat to XRP. Deaton maintained that XRP is not a stablecoin, nor is it trying to be USDC.

The landmark US GENIUS Act could serve as a major catalyst for stablecoin adoption both domestically and abroad. But rather than simply boosting demand for dollar-backed digital currencies, it may unintentionally push capital into the tokenization market as investors seek yield on their holdings.

That was one of the key takeaways from a recent interview with Will Beeson, a former Standard Chartered executive and now founder and CEO of Uniform Labs, a developer of institutional liquidity solutions for tokenized financial markets.

A central provision of the GENIUS Act is its blanket ban on yield-bearing stablecoins, which prevents holders from earning interest on their digital dollar balances. According to Beeson, this restriction will accelerate the flow of capital into tokenized real-world assets (RWAs).

“With yield-bearing stablecoins off the table, institutions need a compliant way to earn yield while staying liquid,” Beeson told Cointelegraph. “Capital is already shifting.”

He noted that trillions of dollars in non-interest-bearing stablecoins are poised to enter digital finance. “Institutional holders aren’t going to sit on idle, depreciating assets. They’ll demand yield — and infrastructure that makes accessing it […] compliant,” he said, adding: 

“The next phase isn’t about holding idle stablecoins. It’s about programmatic access to risk-free yield, and the ability to move between cash and high-quality assets at will.”

Beeson’s view is shared by Aptos Labs’ Solomon Tesfaye, who told Cointelegraph that the GENIUS Act will benefit tokenization as much as it does stablecoins.

To meet this need, Beeson’s Uniform Labs is building Multiliquid, an institutional liquidity layer for tokenized markets that enables programmable, real-time conversion between tokenized assets, such as US Treasurys and money market funds, and stablecoins.

Multiliquid’s open-architecture design allows compliant issuers to integrate without commercial agreements.

While declining to name partners, Beeson confirmed that Uniform Labs is “working with a number of leading institutions, fintechs, and stablecoin issuers” ahead of its production launch later this year.

Before launching Uniform Labs, Beeson served as chief product officer at Libeara, a tokenization platform incubated by Standard Chartered’s SC Ventures.

Related: Tokenized money market funds emerge as Wall Street’s answer to stablecoins

Tokenization surge to broaden beyond private credit, government bonds

Although the GENIUS Act gives newfound legitimacy to stablecoins — and to digital currencies more broadly — “the next phase of digital assets is focused on asset tokenization,” wrote Sandra Waliczek, a member of the World Economic Forum’s blockchain and digital asset division.

Waliczek highlighted tokenization’s potential to level the investing playing field for asset classes like real estate and private equity, which have historically been restricted to wealthier investors.

“Tokenization changes this by enabling asset fractionalization, breaking assets into smaller, more affordable units,” she wrote.

So far, the nearly $26 billion tokenization market has largely centered on private credit and government bonds. But as Beeson noted, the disruption will extend far beyond those segments, encompassing “corporate bonds, credit and credit funds, commodities, equities, real estate funds, private equity funds, and ultimately private equity and real estate assets themselves.”

Related: GENIUS Act scrutinized for stablecoin yield ban as TradFi tokenization gains steam

]]> https://earlybirdsinvest.com/genius-ban-wont-stop-institutions-from-seeking-stablecoin-yield-ex-standard-chartered-exec/feed/ 0 52711 https://earlybirdsinvest.com/us-genius-act-sparks-stablecoin-boom-with-record-1-5-trillion-transaction-volume-in-july/ https://earlybirdsinvest.com/us-genius-act-sparks-stablecoin-boom-with-record-1-5-trillion-transaction-volume-in-july/#respond Tue, 05 Aug 2025 18:08:43 +0000 https://earlybirdsinvest.com/us-genius-act-sparks-stablecoin-boom-with-record-1-5-trillion-transaction-volume-in-july/

The total on-chain stablecoin transaction volume surged to a new all-time high of $1.5 trillion in July, marking a significant milestone in the sector.

According to Sentora’s (formerly IntoTheBlock) data, this figure represents a sharp increase from the $1.26 trillion processed in June and surpasses the previous high seen in August 2024, when volumes topped $1.4 trillion.

Meanwhile, a closer look at the July numbers revealed that Circle’s USDC dominated the stablecoin market, accounting for nearly 50% of the total volume. USDC transactions reached approximately $748 billion in July.

Meanwhile, Tether’s USDT, the largest stablecoin by circulating supply, followed with a volume of $420 billion. The decentralized DAI stablecoin secured the third spot with $261 billion in transactions.

Why stablecoin volume rose in July

The remarkable increase in stablecoins’ on-chain volume can be attributed to several factors, including Bitcoin and Ethereum’s record performances in July.

Last month, Bitcoin price rose to a new all-time high of over $123,000 while ETH’s price also approached the $4000 threshold.

The price performance of these assets sparked significant on-chain activity from investors, who invested their profits in non-volatile digital assets like USDT and USDC.

In addition, the stablecoin industry saw the approval of its first major bill in the US, which helped clear the regulatory uncertainty in the sector.

The GENIUS Act, signed into law on July 19, established clear guidelines for stablecoins and digital asset-backed financial products. The new regulations include reserve requirements and oversight by the Federal Reserve, which are likely to foster greater trust and stability in the sector.

As a result, prominent financial institutions like JPMorgan and other top global companies like Meta have been exploring the use of stablecoins for cross-border transactions and other financial services, which further legitimizes the market.

With this clearer regulatory backdrop and surging adoption, stablecoin market capitalization has climbed past $278 billion, according to CryptoSlate’s data.

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Global interest in stablecoins has hit unprecedented levels, with Google searches for the term “stablecoins” reaching an all-time high in July 2025.

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This spike follows the recent passage of the Guiding and Empowering Nation’s Innovation for US Stablecoins (GENIUS) Act on July 18, signaling a pivotal shift in regulatory clarity and institutional confidence in the sector.

Google Data: Parabolic Growth and Market Dominance

Data from Coingecko shows that the stablecoin market cap now stands at $272 billion, representing roughly 7% of the total cryptocurrency market. U.S. dollar-pegged stablecoins account for about 98% of this total, with Tether maintaining its dominance at 60%. In the meantime, as stablecoin activity increases, the Bitcoin price trends to the upside as seen on the chart below.

Bitcoin price trends to the upside as stablecoin activity heats up. Source: BTCUSD on Tradingview 

Bitwise Asset Management reported record-breaking stablecoin transactions and issuance across 2025, prompting crypto analysts to call the market’s trajectory “parabolic.” Ethereum-based firm SharpLink summed up the sentiment in a viral post: “You can’t spell ‘stablecoins’ without ‘parabolic.’”

GENIUS Act Sparks Institutional Adoption

The GENIUS Act, hailed for providing much-needed regulatory structure, has ignited a wave of interest from both retail users and financial institutions.

Companies like Interactive Brokers and Robinhood have launched or explored their own stablecoins, aiming to offer 24/7 funding, faster settlements, and increased user engagement.

Nassar Al Achkar, Chief Strategy Officer at CoinW exchange, explained that stablecoins are emerging as a “hedge against crypto volatility” and a valuable tool for cross-border payments. “Institutions are entering the space not just for innovation, but for safer investor options,” he added.

Stablecoins’ Speculation Set to Change to Foundation

The surge in search interest, as measured by Google, and market activity shows a significant transformation in how stablecoins are perceived, from speculative digital assets to foundational elements in global finance.

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While challenges remain, particularly around reserve backing and regulatory harmonization, the GENIUS Act appears to have laid the groundwork for a stablecoin-driven financial future.

As adoption continues to rise, according to Google data, stablecoins are increasingly positioned beyond being crypto tools, becoming building blocks of the next generation financial infrastructure.

Cover image from Unsplash, chart from Tradingview

Welcome to Slate Sundays, CryptoSlate’s new weekly feature showcasing in-depth interviews, expert analysis, and thought-provoking op-eds that go beyond the headlines to explore the ideas and voices shaping the future of crypto.

If 2024 was the year of the dragon, 2025 has been the year of the stablecoin. U.S. dollar-backed digital assets, in particular, have taken front and center stage, achieving buy-in all the way from the highest office.

The World Liberty stablecoin, USD1, was launched in March by a DeFi platform majority-owned by members of the Trump family. Then Vice President JD Vance set the stage alight at the Bitcoin Conference in May, clarifying the administration’s bullish stance on stablecoins and their ability to act as a “force multiplier” for U.S. economic power.

Stablecoin issuer Circle’s $20 billion IPO followed, igniting what the Bankless podcast duo coined “stablecoin summer.” And last week, the GENIUS Act was signed into law, becoming the first piece of U.S. legislation to directly regulate digital assets, creating a turning point for global finance.

Even Jamie Dimon’s getting in on the action despite his personal skepticism about Bitcoin and digital assets. He may publicly claim not to understand their appeal, but there has long been a gap between what Dimon says and what Dimon does: America’s largest bank has been a pioneer in blockchain technology, developing its own stablecoin, JPM Coin, since 2019.

So, what’s with all the latest developments in moving value worldwide, and what does the GENIUS Act mean for the future of crypto, TradFi, and the global economy? I asked experts from the technical, legal, and financial fields to throw some light on the subject and unpack the types of advancements we may see in the years ahead.

TL;DR: What is the GENIUS Act?

For those of you who’ve been hiding under a rock, let me guide you out of your shadowy abode. The GENIUS Act stands for “Guiding and Establishing National Innovation for U.S. Stablecoins Act of 2025,” but “GENIUS” is a lot more catchy. It’s the first comprehensive U.S. federal law that specifically regulates “payment stablecoins” (AKA, digital tokens pegged to fiat money).

The GENIUS Act establishes a long-awaited licensing and oversight regime for stablecoin issuers, mandating full 1:1 reserve backing, imposing strict consumer protection measures, and creating a clear legal footing for integrating stablecoins into mainstream finance.

The law also bars non-financial companies like the Facebooks and Googles of this world from issuing stablecoins without special approval, applying substantial penalties for noncompliance (violations can incur fines of up to $200,000 per day, and criminal penalties including up to five years’ imprisonment).

Why is the GENIUS Act such a big deal? Well, because after years of opacity and uncertainty surrounding stablecoin issuers in the United States, it provides the first federal legal framework, providing clarity on how to run their operations. As international law firm, Winston & Strawn LLP writes in a recent blog:

“The Act pushes stablecoin issuers into a regulatory regime similar to that of banks. For many firms, this means a need to hire compliance officers, invest in risk management systems, and potentially partner with experienced regulated institutions to meet the standards set by Congress.”

Moon Pursuit Capital is a fast-growing crypto investment fund. Its founder, Utkarsh Ahuja, shared his thoughts on just how groundbreaking the GENIUS Act is, commenting:

“The GENIUS Act is a major step forward, not just for crypto, but for U.S. leadership in global finance. For the first time, we have clear rules around stablecoins, which are the backbone of open, programmable money infrastructure. For too long, uncertainty has held the industry back and driven builders offshore. The GENIUS Act changes that. It gives stablecoins legal clarity and sets the stage for broader crypto adoption.”

Genna Garver is a partner at the international law firm Troutman Pepper Locke LLP. She also provided her thoughts on the GENIUS Act to share with CryptoSlate readers. She said:

“This is a watershed moment for institutional financial services. The GENIUS Act authorizes the tokenization of fiat currency and regulation of the same, thereby legitimizing digital US dollarization.”

A perfect storm for digital assets with tailwinds on overdrive

Guillaume Poncin is CTO at Alchemy, a developer platform that facilitates over $100 billion in transactions annually for businesses across the ecosystem, from Fortune 500 firms like Robinhood, Visa, JPMorgan, and PayPal, to crypto-native companies like Coinbase and Circle. He told me via written commentary:

“The GENIUS Act provides the clarity that institutions have been waiting for, and it helps legitimize programmable money that operates at internet speed. This legislation is important because it reduces regulatory uncertainty that has held back institutional adoption.”

What’s more, the GENIUS Act does not exist in a vacuum. With a groundswell of favorable momentum toward digital assets from the current administration, the tailwinds are blowing like crazy. The unwinding of the stranglehold on crypto during the Biden years, and the repeal of key pieces of prohibitive legislation such as SAB 121, which prevented U.S. banks from providing custody of digital assets, are creating a perfect storm. Poncin enthused:

“We saw immediate interest from major banks that had previously been cautious. Now, with GENIUS in place, we believe every major bank will move toward issuing or supporting stablecoins in some form. It unlocks the next era of programmable money that is trusted, regulated, and built for internet-scale speed.”

The GENIUS Act also serves to extend U.S. dollar dominance, spurring innovation based on the USD and reinforcing the dollar’s standing as the world’s reserve currency for decades to come. As crypto-native investment firm, CoinFund, president Chris Perkins commented:

“The GENIUS Act will go down in history as a law that served as a foundational step in the mainstreaming of crypto as an asset class. By catalyzing innovation on our greatest export, the greenback, GENIUS will position the dollar as the global reserve currency for decades to come, enhance national security, and unlock financial opportunity across the globe

Stablecoins deliver obvious utility by offering inexpensive, 24/7 payments. But, by enabling seamless and efficient access to U.S. dollars across the developing world, stablecoins will also serve as a store of value when local monetary policy goes awry.”

A flood of stablecoin killer apps

Stablecoins have come a long way from their original use case as a means to store wealth, while avoiding the volatility of digital assets like Bitcoin and Ethereum, to be enshrined in a landmark bill recognizing them as key financial infrastructure. So what are some of the main use cases the GENIUS Act enables, and what can we expect from the coming years? Ahuja comments:

“The GENIUS Act unlocks real innovation, instant remittances, AI-native payments, and global commerce without intermediaries.”

Poncin adds:

“The opportunity in stablecoins isn’t in holding them, unless they’re being used in DeFi for yield opportunities. The real opportunity lies in companies issuing their own stablecoins, such as payment processors integrating stablecoins and fintechs launching their own tokens.

We’re seeing fintechs generate meaningful revenue from stablecoin reserves through treasury management. This can potentially be $100M+ annually on $2-3B in deposits. The real value creation comes from how stablecoins are enabling the new financial system.”

Beyond experimenting with its own stablecoins, JPMorgan made headlines this week for its moves to allow clients, particularly institutional ones, to use bitcoin as collateral for loans. Thanks to the GENIUS Act, the bank is developing a new program that would allow clients to pledge their Bitcoin or Ether holdings to secure cash loans, much as they might with stocks or real estate.

While JPMorgan already enabled clients to borrow against crypto ETFs, the move to accept direct crypto holdings as collateral is a paradigm shift for an institution helmed by one of the industry’s most vocal critics.

The GENIUS Act’s significance extends across the industry, with DeFi platforms and tokenized RWAs taking note as well. Orest Gavryliak, the chief legal officer at DEX aggregation pioneer, 1inch Labs, told me:

“Tokenized technology has become a major area of focus for TradFi giants like BlackRock, JPMorgan, and more, as it represents marked improvement on the current setup of financial standards. It is also a major benefit in terms of the accessibility of liquidity. By transcending geographic barriers, the global nature of tokenization, enabled by blockchain technology, allows markets with limited, isolated liquidity to unify and access liquidity from multiple sources—available 24/7, in real time.”

Poncin expands:

“Banks will enable customers ‘investor-grade opportunities, like trading in private equities, and get loans against their holdings. Small businesses can finally harness the remote work era to pay overseas workers affordably. We’re about to see a flood of not one, but hundreds of stablecoin ‘killer apps’, all enabling people to exchange and create value in ways unimaginable just months ago.

Tokenized treasuries are growing significantly. Stablecoin issuers, such as Tether, hold substantial U.S. debt positions. We’re seeing increased interest in tokenizing traditionally illiquid assets like private credit and real estate to unlock liquidity. There’s also growing development of infrastructure to make RWAs composable with DeFi protocols.

The real innovation is about making these assets programmable. This enables new financial products like automated lending against tokenized assets or smart contracts that can interact with real-world collateral.”

Does the GENIUS Act mean DeFi summer on steroids?

One interesting clause in the GENIUS Act is the prohibition on paying interest or yield to stablecoin holders, which could mean an explosion of demand in DeFi yield-earning opportunities. Perkins says:

“Under GENIUS, stablecoins do not pay interest to end users, and without interest, stablecoins are depreciating assets. So, holders will seek yield. And that’s where DeFi comes in. If the Treasury Department’s projections are correct and trillions of stablecoins come into the system, expect DeFi summer on steroids as users seek to maximize yield by engaging across a variety of yield strategies. Users will be drawn to yield-bearing vaults, and they will commission AI agents to optimize their returns.

With the U.S. back in the lead, countries around the world will need to accelerate and optimize stablecoin policies of their own. The $7.5 trillion per day FX market stands to benefit. Watch this space.”

Will Beeson, founder of MultiLiquid, and former co-lead of Standard Chartered’s Tokenization platform, comments:

“The outright ban on stablecoin yield marks a critical inflection point. Capital is already shifting. Ethereum is outperforming Bitcoin as traders seek returns via Ethereum-native protocols and tokenized funds.

The stablecoin market is entering a phase where only institutions that can put capital to work efficiently will survive. But there’s a bottleneck: stablecoins move 24/7, Treasurys don’t. Liquidity infrastructure that bridges this gap is now mission-critical.”

Gavryliak adds:

“Regulatory clarity, like the GENIUS Act, means companies and institutions can now look to leverage stablecoins for fast, cost-efficient cross-border payments, treasury optimization, and real-time settlement, bypassing TradFi banking rails and unlocking operational efficiencies. It’s a positive step forward for DeFi.

It also provides security for institutions and other TradFi operators, who can now put their full weight behind the sector. Those previously just dipping their toes in can now dive headfirst with the clear guardrails.”

Could politics halt the revolution?

With digital assets an increasingly partisan issue, and key Democrats like Elizabeth Warren holding onto her anti-crypto army, is there any risk of the GENIUS Act, or any other legislation, being reversed if and when the blue team returns to power? And with the Trump family so overtly benefiting from digital assets, does this clear conflict of interest pose any threat? Poncin believes it’s too late for that:

“The momentum in crypto adoption transcends political divisions. We work with institutions across the spectrum that recognize blockchain’s potential. The repeal of SAB 121 had bipartisan elements, and there are crypto advocates across party lines. Major banks, asset managers, and payment companies are building on blockchain because it offers superior technology for settlement and programmable money.

Moreover, the cryptocurrency industry has demonstrated resilience in the face of various challenges over the years. What matters is that institutions are building real utility on blockchain. These use cases exist because they solve real-world problems, such as settlement speed, operational costs, and 24/7 availability. That’s what drives lasting adoption.”

Garver is also positive that GENIUS brings in lasting change. She says:

“During the legislative process, there were numerous attempts to debate and offer amendments to the bill to address certain conflicts of interest, but those amendments were not adopted as part of the final GENIUS Act. Now that we have final legislation authorizing permitted payment stablecoins, digital asset adoption likely will depend more on the use cases.

Not unlike ATM adoption of the last generation, at some point, it’s just too convenient and beneficial not to get on board. I don’t see potential users sitting on the sidelines as a sign of protest. I think the ship will quickly sail, and crypto will become too integrated into the fiber of our economy, the global economy, and the financial services industry.”

With the ballooning global debt, liquidity expansion, geopolitical uncertainty, and lowering interest rates, favorable regulation for digital assets in the U.S. could mean that “nothing stops this train.” As Ahuja affirms:

This is, frankly, as constructive a macro setup as you can ask for, short of resolving event-driven risks like tariffs or Middle East escalation. But from a pure market-structure and liquidity standpoint, the conditions are primed.

We’re entering a rare window where fundamentals, liquidity, and macro dynamics are all pointing in the same direction; and that’s precisely when the most compelling upside gets unlocked.”

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