The Road to Crypto Regulation

Stablecoins have evolved from trading tools in crypto markets to infrastructure with real-world financial potential. They’re being adopted to tackle inefficiencies in cross-border payments, settlement systems, and access to financial services. But their next phase will be shaped by how governments regulate them—especially in areas like reserve backing, redemption rights, and anti–money laundering requirements. The report compares how major jurisdictions are approaching stablecoin oversight and highlights the challenges issuers face in navigating fragmented, evolving rules.