The U.S. regulation of stablecoins creates a global liquidity gap with Europe
According to a recent report by the blockchain security auditor CertiK, the new regulatory framework for stablecoins in the United States is laying the groundwork for a divide in global liquidity flows, especially compared to the European Union's Markets in Crypto-Assets (MiCA) regime.
This regulatory change, led by the GENIUS Act, is expected to create differentiated liquidity funds in the U.S. and the EU, which could pose significant challenges for cross-border transactions.
The report highlights that the United States has entered a new phase of regulatory clarity regarding digital assets. There are already federal laws and administrative reforms to regulate the issuance, trading, and custody of digital assets. A central element of this transformation is the GENIUS Act, enacted by U.S. President Donald Trump.
This law establishes the first federal framework for payment stablecoins, imposing strict reserve requirements, prohibiting yield-generating stablecoins, and formally integrating stablecoin issuers into the U.S. financial system.
However, CertiK's report warns that this measure exacerbates the gap between U.S. and EU stablecoin markets. The U.S. framework, which reinforces the dominance of the U.S. dollar, has led to the creation of an independent liquidity fund.
As a result, liquidity is likely to become increasingly segmented by jurisdiction, which could generate friction in cross-border settlement and create opportunities for stablecoin arbitrage.
While the EU's MiCA regime shares some similarities with the U.S. GENIUS Act, such as the requirement for full par redemption and the prohibition of yield-bearing stablecoins, it carries its own risks. $USDC
