US stablecoin rules split global liquidity with Europe, CertiK warns
US stablecoin regulation, driven by the GENIUS Act, is creating a separate liquidity pool from the EU's MiCA, fracturing the global market.Summary
Blockchain security auditor CertiK warns that the United States' new regulatory clarity for stablecoins, centered around the GENIUS Act signed in July 2025, is causing a structural split with the European Union's MiCA regime. The US framework imposes strict reserve requirements and bans yield-bearing stablecoins, leading to distinct US and EU liquidity pools. This divergence is expected to segment stablecoin liquidity jurisdictionally, causing settlement frictions and potential arbitrage. While MiCA also bans yield, it mandates that a majority of reserves be held in EU-based banks, a feature Tether CEO Paolo Ardoino suggests could introduce systemic risks. Both regulatory frameworks prioritize oversight over global stablecoin fungibility, with US Treasury Secretary Scott Bessent explicitly stating the goal is to use stablecoins to reinforce US dollar dominance.
(Source：Cointelegraph)