Introduction
Stablecoins have evolved from fringe utility to core infrastructure in the digital asset ecosystem. As of February 2025, more than $218 billion in fiat-backed stablecoins are in circulation, powering everything from centralized exchange trades to DeFi protocols.
Yet this rapid growth has outpaced regulation, prompting concerns around consumer protection, systemic risk, and the U.S. dollar’s role in a digitizing economy. In response, U.S. lawmakers introduced the Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act in March 2025. The legislation proposes a federal...