A sweeping new report from EY reveals how jurisdictions worldwide are racing to define stablecoin frameworks — shaping the future of programmable money, digital dollars, and tokenized assets at scale.
1. Divergence & Convergence – From Europe’s MiCA to Japan’s PSA and the U.S. GENIUS Act, stablecoin regimes vary but increasingly converge on core principles: reserve backing, AML compliance, redemption rights, and prudential licensing.
2. Institutional Pathways – Both banks and fintechs are now being offered legal routes to issue regulated Stablecoins, often with distinct regulatory categories (EMI vs. NonBank).
3. Tokenized Finance Infrastructure – Regulated stablecoins are becoming the connective tissue for RWA, Digital Treasury, and Cross Border Settlement use cases.