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Why Amazon, BlackRock, others are adopting stablecoins amid tighter crypto rules
What are stablecoins? Why Amazon, BlackRock and big banks are adopting digital dollars amid tighter crypto rules
As regulators tighten rules around the crypto sector, stablecoins are emerging as a key link between traditional finance and digital assets. As its adoption increases, J.P.Morgan recently projected the stablecoin market is likely to reach $500 billion by 2028, while Standard Chartered estimated $2 trillion by 2028. Here we look at What are stablecoins how GENIUS Act and MICA rules are changing reshaping the market and also how banks and wider market are adopting the stablecoins.
What are stablecoins?
A stablecoin is a kind of cryptocurrency tied to a stable asset, such as a fiat currency like the US dollar, which makes it less volatile than Bitcoin and other cryptocurrencies.On paper, stablecoins provide the advantages of cryptocurrency—they are simple to use and can be processed quickly, regardless of geographic location, while at the same time providing the stability of traditional assets, a JP Morgan report explains.
What are MiCA and the GENIUS Act and how they can impact stablecoin transactions?
Major regulatory or legislative changes often reshape markets, and the GENIUS Act, along with the EU’s MiCA rules, are expected to bring major shifts in stablecoin transactions.GENIUS Act: The US Senate, last year, passed the Guiding and Establishing National Innovation for US Stablecoins Act or the GENIUS Act, that determines how stablecoins are issued, used and reported. As per the World Economic Forum, the three key provisions under the GENIUS Act include:
Only regulated entities like banks, credit unions, bank subsidiaries, and approved nonbank financial firms can issue stablecoins. Issuers must maintain 1:1 reserves for every stablecoin issued. These reserves can include cash, US Treasury bills, repurchase agreements, and other low-risk assets approved by regulators. They must regularly disclose reserve details and undergo audits. Stablecoin issuers must also follow strict rules to prevent money laundering, curb terror financing, and protect consumers.EU’s MiCA rules: The EU’s MiCA framework is not specific to stablecoin transactions, but it addresses the regulation for e-money tokens or EMTs (backed by fiat currency) and asset-referenced tokens or ARTs (backed by a basket of assets, which could include physical assets, cryptocurrencies, etc.). As per legal nodes, under MiCA, only e-money institutions or credit institutions are allowed to issue EMTs, while ARTs can only be issued by EU-based entities and authorized by regulators.
How big banks and payment giants are adopting the use of stablecoins
As crypto-friendly regulation are evolving rapidly, several banks are already offering or are preparing to launch their own stablecoins.Some stablecoins that are already in use today include Tether (USDT), Circle’s USD Coin (USDC), and Binance USD (BUSD), all backed by the US dollar. As of May 2026, Amazon Web Services has introduced Amazon Bedrock AgentCore Payments, a system that lets AI agents make instant payments for digital services using stablecoins. The platform uses USD Coin (USDC) and was developed in partnership with Coinbase and Stripe.
Some large US lenders, including Bank of America and Citibank, are also working on launching stablecoins. BlackRock plans to launch two money-market funds tailored for stablecoin users, signaling growing confidence in the digital-dollar economy.
Even JPMorgan Chase CEO Jamie Dimon, who often expressed scepticism about bitcoin, recently revealed the bank might consider involvement in stablecoins without divulging any details.
Source: LiveMint
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