The passage of the Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act would substantially benefit major regulated players in the US financial and crypto sectors, according to a Nansen report.
The firm highlighted that the STABLE Act’s licensing and reserve requirements create a regulatory moat favoring established institutions already aligned with US compliance standards.
Additionally, the report predicted that Coinbase could be among the biggest winners in crypto. As a major distributor of USDC and a partner of Circle, the exchange’s model already fits the regulatory vision for fiat-backed stablecoins.
Coinbase’s custody and exchange operations may also see expanded demand for compliant storage solutions and increased liquidity consolidation.
The STABLE Act proposes establishing a comprehensive federal framework for payment stablecoins, restricting issuance to licensed entities, and requiring full backing with cash or short-term Treasury securities.
Advantages for TradFi and crypto firms
Payment companies such as PayPal, which issued PYUSD in collaboration with Paxos, are positioned to leverage new regulatory clarity to expand stablecoin-enabled payment services across peer-to-peer transfers, e-commerce, and cross-border transactions.
Visa and Mastercard, which previously piloted stablecoin settlement projects, could further integrate regulated stablecoins into B2B payments, treasury management, and real-time settlement layers.
Traditional custodians, including BNY Mellon and State Street, as well as infrastructure providers like Nasdaq, are poised to benefit from the demand for custody and compliance services. BNY Mellon’s relationship with Circle, managing USDC reserves, is a model for this emerging service line.
Meanwhile, asset managers, like BlackRock and Charles Schwab, are also expected to benefit indirectly. As regulated stablecoin issuers park reserves in government money market funds, these firms may see increased inflows. BlackRock, which already manages USDC reserves, could expand its role in this area.
Global and DeFi implications
The report notes that international firms such as Payoneer, MUFG, and Nomura may also benefit from using compliant stablecoin infrastructure for cross-border US dollar-denominated transfers.
In contrast, decentralized stablecoins such as DAI, crvUSD, and GHO, which do not meet the Act’s definition of payment stablecoins, face a diminished role within US markets. These tokens will likely shift activity offshore, explore legal workarounds, or operate in a regulatory gray zone.
The report expects lending protocols like Aave and Compound to adapt by prioritizing compliant stablecoins in their US offerings. At the same time, DEXs like Uniswap and Curve will need to geofence or de-emphasize pools tied to non-compliant assets.
The STABLE Act also bans direct interest payments to stablecoin holders, restricting yield-bearing stablecoins like the Origin Dollar (OUSD) unless they register as securities with the SEC.
As a result, the future stablecoin market may favor tokenized money market funds and compliant DeFi lending products.
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