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Nansen reports that passing stable transparency and accountability for the Better Ledger Economics (Stable) Act would significantly benefit major regulatory players in the US financial and crypto sector.
The company emphasized that the Stable Act’s licensing and preparation requirements will create a regulatory moat that supports established agencies that are already in line with US compliance standards.
Additionally, the report predicted that Coinbase could become one of the biggest winners in Crypto. As a leading distributor and circle partner of USDC, Exchange’s model already meets the regulatory vision of Fiat-secured stubcoin.
Coinbase’s custody and exchange operations may also show increased demand for compliant storage solutions and increased liquidity integration.
The Stable Act proposes establishing a comprehensive federal framework for stable payment coins, limiting issuance to licensed entities, and requesting full support from cash or short-term Treasury securities.
Benefits of Tradfi and Crypto companies
Payment companies such as PayPal, which issued PYUSD in collaboration with PAXOS, are positioned to leverage the clarity of the new regulations and expand their stable payment services across peer-to-peer forwarding, e-commerce, and border cross-border transactions.
Visa and MasterCard, previously piloting the Stablecoin Settlement Projects, was able to further integrate regulated stubcoins into the B2B payments, financial management and real-time payment tier.
Traditional custodians, including BNY Mellon and State Street, and infrastructure providers like Nasdaq are poised to benefit from the demand for custody and compliance services. The relationship between Bny Mellon and Circle, the management of USDC reserves, is a model for this new line of service.
Meanwhile, asset managers like BlackRock and Charles Schwab are also expected to indirectly benefit. Regulated Stablecoin issuers of government money market funds may see an increase in inflows as park preparations. BlackRock, which already manages USDC reserves, could expand its role in this space.
Global and debt impacts
The report notes that international companies such as Payoneer, MUFG and Nomura could also benefit from using Stablecoin infrastructure that complies with transfers caused by cross-border US dollars.
In contrast, decentralized stubcoins such as Dai, Crvusd and Gho, which do not meet the legal definition of payment, face a decline in their role in the US market. These tokens could shift activities offshore, explore legal workarounds, or work in the regulatory grey zone.
The report hopes that lending protocols such as Aave and compounds will adapt by prioritizing stupid stubcoins that comply with US offerings. At the same time, DEXs such as UNISWAP and Curve must geofence or highlight pools tied to non-compliant assets.
The stable law also prohibits STABLECOIN owners from paying interest directly and limits stable coins that support yields, such as Origin Dollar (OUSD), unless they are registered as securities with the SEC.
As a result, the future Stablecoin market may support tokenized money market funds and compliant lending products.
