The GENIUS Act is reshaping stablecoins by separating payment tokens from yield-generating ones, says Sygnum’s Fabian Dori.
The move brings the U.S. closer to Europe’s MiCA and offers clarity for builders to launch real-world applications.
With interest-earning stablecoins restricted, companies like PayPal, Amazon, and Walmart are exploring stablecoins for payroll and payments. For those seeking yield, tokenized treasury funds offer 4-5% returns without regulatory confusion.
OKX’s Jason Lau says “utility beats yield now,” while Polygon’s Aishwary Gupta notes payment volumes on their network jumped 190% to $563M. One African partner is preparing to launch with 185 million phone users.
This pivot has sparked renewed interest in programmable finance. Real-time settlement, low fees, and smart contract integration are becoming the new benchmarks for stablecoin innovation — especially as institutional players look to streamline operations.
At the same time, DeFi platforms may emerge as major winners. Lau notes that clearer rules will push stablecoins deeper into on-chain ecosystems, where they already power lending, payments, and tokenized assets — without relying on risky interest mechanics.
