As lawmakers hash out a federal framework for stablecoins in the U.S., corners of the crypto industry may soon face competition from the likes of Uber and Meta.
Senate Banking Committee Chairman Tim Scott (R-SC ($0.00)) vowed this month that a stablecoin bill, dubbed the GENIUS Act, will be passed by both chambers of Congress and signed into law within the first 100 days of President Donald Trump’s administration.
As the bill gains momentum, some experts say the industry may be at a crossroads. While the measure would for the first time provide a pathway to legality for stablecoin giants like Tether and Circle, it would also likely unleash massive competition.
A federal framework would embolden countless companies to dive into the $233 billion stablecoin market, according to Niklas Kunkel, the founder of blockchain oracle builder Chronicle Labs. At the least, many firms will consider what strategic advantages stablecoins have, he told Decrypt.
“As soon as this legislation passes, there are going to be 10,000 companies looking at this,” Kunkel said. “I would expand that beyond just payment companies and asset issuers. […] You can include tech companies: the Amazons, Ubers, Metas and Googles of the w…
