US stablecoin rules under the GENIUS Act are splitting global liquidity with Europe, creating regional markets and potentially leading to cross-border friction, a report says.
The United States’ new approach to stablecoin regulation is reshaping global liquidity flows and driving a sharp structural split with the European Union’s Markets in Crypto-Assets (MiCA) regime, effectively creating separate US and EU stablecoin liquidity pools, according to a new report from blockchain security auditor CertiK.
The report finds that the US digital asset market entered a new phase of regulatory clarity in 2025, with federal legislation and administrative reforms now broadly aligned around how digital assets are issued, traded and custodied.
At the center of that shift is the GENIUS Act, signed into law by US President Donald Trump in July, which establishes the first federal framework for payment stablecoins. The law imposes strict reserve requirements, bans yield-bearing stablecoins, and formally integrates stablecoin issuers into the US financial system.
