Big banks are starting to slow things down. They are not fully ready for the new Genius Act and want more time before it moves ahead.
The reason is simple. Stablecoins can change how money flows. If people can earn from digital dollars then banks may lose deposits. That hits their core business.
At the same time Agora is moving forward. It wants to become a regulated bank and issue stablecoins on its own. That could make moving between cash and crypto easier and cheaper.
This is a key moment for finance in the United States. Clear rules could bring more users on chain without them even thinking about it.
Now it is a quiet race. Banks want time. Crypto firms want speed. The winner will shape the future of money.