The recently passed GENIUS Act is set to reshape the U.S. stablecoin landscape, triggering a shift away from yield-bearing models toward real-world payment utility, according to Sygnum CIO Fabian Dori.
From Yield to Utility: A Regulatory Turning Point
Dori noted the GENIUS Act’s amendment creates a clear separation between investment-oriented stablecoins and those meant for payment systems, aligning more closely with Europe’s MiCA regulation. “This lays the groundwork for a global regulatory consensus,” he said.
“By providing long-sought-after clarity, the GENIUS Act encourages organizations to build innovative ‘killer apps’—not just for today’s users, but for emerging real-world needs,” Dori added.
Stablecoin Adoption Gaining Momentum
Major players like Mastercard, PayPal, Amazon, and Walmart are already exploring compliant stablecoin use for cross-border payments, payroll, and settlements. Analysts say this is only the beginning, with demand for payment-based utility rising fast.
According to Polygon Labs, micropayment volume on their network rose 67% from February to June, hitting $110 million. Aishwary Gupta, global head of payments at Polygon, said this shift was already underway, “but regulation now adds fuel to the fire.”
“Payment use cases offer immediate utility and solve actual problems,” Gupta added, citing low-fee microtransactions and enterprise-level scaling as top drivers.
Retail and B2B Adoption Remain Key
Despite institutional interest, experts say the real acceleration depends on consumer adoption. “It’s not fintechs that move the needle, but retail platforms,” said Dori. Polygon, for instance, is supporting a company serving 185 million mobile users in Africa for cross-border B2B payments.
From February to June, small stablecoin transactions ($100–$1,000) on Polygon grew 190%, topping $563 million—a trend expected to continue.
DeFi and Programmable Payments to Thrive
As interest-yielding stablecoins face restrictions, DeFi protocols may benefit from increased clarity. Synthetic yields, governance tokens, and programmable payment rails could all gain traction.
“Utility beats yield now,” said Jason Lau of OKX, adding that real-time settlement and cross-chain programmability are becoming the new standard.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.