Crypto upgrade to entire US “financial backbone” by 2028: Is Trump on track?
The U.S. is moving toward a crypto-based financial settlement layer via the GENIUS Act, but a full replacement of legacy rails by 2028 is unlikely.Summary
President Donald Trump has championed the GENIUS Act as the path to upgrade the U.S. financial backbone using crypto technology, explicitly banning a Central Bank Digital Currency (CBDC). The Treasury initiated rulemaking in September to establish standards for fully backed stablecoin issuance by licensed entities. While regulatory guardrails are softening to allow banks to integrate crypto activities, legacy instant payment systems like FedNow and RTP are simultaneously scaling up, narrowing the speed advantage once held by public crypto chains.
The realistic near-term impact of the GENIUS framework is a replacement in the settlement layer, not at the point of sale, where stablecoins like USDC and EURC could be used for netting by acquirers, especially across borders or on weekends. This strategy aims to reinforce the dollar's status by channeling demand into short-dated U.S. Treasury bills through stablecoin reserves.
However, a complete replacement of legacy rails by 2028 is improbable. Final GENIUS rules are anticipated around 2026, and widespread adoption by acquirers remains in early pilot stages. The outcome will likely be a multi-rail stack where crypto settlement occurs in the background, meaning Trump is on track to influence the next-generation infrastructure rather than achieve a full, immediate swap of the existing system.
(Source：CryptoSlate)