The U.S. Department of the Treasury has announced an arrangement: states may submit stablecoin certification applications in advance, and issuers with a circulating supply below $10 billion can apply first. Taken together, these two measures send a very clear signal: regulators will not wait until every detail is fully in place before opening the approval process. Instead, they will first carve out an entry point for smaller institutions and states that are willing to cooperate. There are two key points. First is tiered review—smaller issuers can complete the approval process more quickly, and the approval threshold will vary based on size, so that small institutions do not have to bear the heaviest compliance burden from the start. Second is division of labor—states can participate in advance, and coordination between the federal and state levels will determine the actual pace of licensing and supervision going forward.
eth: The focus is not on price, but on demand. Stablecoins are the most fixed and established on-chain use case, and the vast majority of stablecoin issuance and transfers occur on this chain. Once the compliance pathway becomes clear and unambiguous, legal uncertainty for issuers will decrease, and the incentives to issue new coins, increase supply, and move business onto the chain will strengthen. As a result, demand for on-chain transfers and settlement will also grow. But don’t rush to treat this as a sure win. What exactly the certification criteria are, whether states’ certification will conflict with federal standards, and whether the $10 billion limit will be adjusted later—none of these questions have been settled yet.
Next, three things need to be watched: the actual progress of applications and certifications, changes in total stablecoin issuance, and whether on-chain stablecoin transfer volumes truly increase. The rules have opened a channel, but whether capital really flows in remains to be seen. $NVDAB $BTC #Solana代币化股票9月交易量破44亿美元 #IMF拨款萨尔瓦多并豁免超额购BTC #Zcash现货ETF首现周度净流出9360万美元
eth: The focus is not on price, but on demand. Stablecoins are the most fixed and established on-chain use case, and the vast majority of stablecoin issuance and transfers occur on this chain. Once the compliance pathway becomes clear and unambiguous, legal uncertainty for issuers will decrease, and the incentives to issue new coins, increase supply, and move business onto the chain will strengthen. As a result, demand for on-chain transfers and settlement will also grow. But don’t rush to treat this as a sure win. What exactly the certification criteria are, whether states’ certification will conflict with federal standards, and whether the $10 billion limit will be adjusted later—none of these questions have been settled yet.
Next, three things need to be watched: the actual progress of applications and certifications, changes in total stablecoin issuance, and whether on-chain stablecoin transfer volumes truly increase. The rules have opened a channel, but whether capital really flows in remains to be seen. $NVDAB $BTC #Solana代币化股票9月交易量破44亿美元 #IMF拨款萨尔瓦多并豁免超额购BTC #Zcash现货ETF首现周度净流出9360万美元
