Stablecoins Go Mainstream as Global Giants Push Forward—Experts Warn U.S. Risks Falling Behind

Just this week, Standard Chartered announced a joint venture to issue stablecoins in Hong Kong under a new licensing regime, further cementing the city’s rise as a digital finance hub. Meanwhile, Visa expanded its stablecoin settlement network, adding support for new USD- and EUR-backed tokens and integrating two additional blockchains—Stellar and Avalanche—into its global payment infrastructure.

The moves are part of a global trend that signals stablecoins are no longer speculative tools on the fringes of crypto, but mainstream instruments shaping the next era of financial infrastructure.

In the United States, however, policy remains in limbo.

“Stablecoins are no longer fringe—they are rapidly becoming an integral part of the global financial system,” said Igor Volovich, Executive Director of Strategy at the America First Technology Infrastructure & Innovation Initiative (America First Tech). “While much of today’s volume supports digital asset trading and market liquidity, we are witnessing a clear and accelerating shift toward real-world applications: cross-border payments, corporate settlements, supply chain finance, and tokenized asset exchange.”

That real-world shift is already underway abroad. In Hong Kong, stablecoin legislation took effect August 1, with the Hong Kong Monetary Authority expecting the first batch of licenses to be issued by early 2026. Standard Chartered’s new joint venture—Anchorpoint Financial, backed by blockchain firm Animoca Brands and telecom operator HKT—marks one of the first major institutional efforts to leverage the new regulatory framework.

In the private sector, global payment giants are racing to get ahead. Visa now supports stablecoin settlements across four blockchains and four currencies, thanks to a new partnership with Paxos and integrations of PYUSD (PayPal USD), USDG (Global Dollar), and EURC (euro-backed). The company’s multi-chain, multi-currency approach is designed to accelerate remittances, streamline cross-border transactions, and simplify crypto-fiat treasury operations.

Its peers aren’t sitting idle. Mastercard and PayPal are building similar infrastructures. Mastercard, through its Global Dollar Network and Multi-Token rails, is enabling wallet-to-merchant transactions across 150 million vendors. PayPal’s PYUSD stablecoin is now fully interoperable across both PayPal and Venmo, aiming to modernize peer-to-peer payments and international transfers.

The common theme across these moves? Regulatory certainty—or at least the willingness to build despite it.

That’s where the U.S. risks losing ground, Volovich says.

“As this ecosystem matures, the United States faces a strategic choice,” he explained. “We can lead by providing the regulatory clarity, consistent oversight, and macroeconomic recognition needed to unlock stablecoins’ full potential—or we can forfeit leadership to regimes that view programmable finance as a mechanism for control rather than freedom.”

Volovich’s organization, America First Tech, serves as a nonpartisan convening platform to unite policymakers, technologists, and financial experts around digital infrastructure strategy. Their stance is clear: delay is no longer a neutral act—it’s a concession.

Indeed, while Washington debates the GENIUS Act and competing stablecoin legislation, the rest of the world is rapidly operationalizing. If current trends continue, stablecoins could power trillions in global trade, bypassing legacy rails and potentially marginalizing U.S. financial influence in the process.

The stakes are particularly high as China continues piloting its digital yuan in regional and international trade. Unlike decentralized stablecoins, China’s CBDC is fully controlled by the central government—prompting fears among Western analysts about surveillance and capital controls.

For now, American firms like Visa, Mastercard, and PayPal are setting the pace—but without a clear regulatory framework, the country’s strategic edge may prove temporary.

“The window is closing,” said a policy analyst familiar with the GENIUS Act negotiations. “We can either shape this ecosystem with American values—or be forced to play by someone else’s.”