Stablecoins Move Closer to the Core of Regulated Finance

U.S. Rules Are Turning Digital Assets Into a Defined Market Structure

On September 5, the U.S. Securities and Exchange Commission approved a Nasdaq Texas rule change that adds a formal definition of “digital commodity” and identifies Bitcoin, Ethereum, Solana and XRP as commodities for exchange-listing purposes. The revised framework also permits active management techniques and allows eligible assets representing up to 15% of a fund’s net asset value even when all listing requirements are not met at launch.

The CLARITY Act also moved closer to a Senate test. The National Sheriffs’ Association shifted its position from opposition to neutral on September 4, while House Financial Services Committee Chair French Hill said he expected passage before the November midterm elections. The Senate cloture vote is scheduled for September 15 and requires 60 votes, meaning the bill still needs bipartisan support.

Other jurisdictions are advancing parallel frameworks. South Korea published a three-phase roadmap for tokenized securities with a target rollout in February 2027, including on-chain stablecoin settlement. Pakistan’s Virtual Assets Act 2026 registration deadline took effect on September 5, requiring covered service providers to obtain authorization or stop operating.

Bank Charters Are Becoming a Gateway to Stablecoin Issuance

The Office of the Comptroller of the Currency granted OpenReserve Bank preliminary conditional approval for a full-service national bank in Utah on September 2. OpenReserve plans to offer tokenized deposits, treasury management and correspondent banking, while a separate subsidiary is expected to pursue a U.S. dollar-backed stablecoin. The stablecoin application has not yet been filed.

The distinction between bank models is becoming important. A full-service national bank can take deposits and lend, while the national trust charter used by several crypto firms permits custody and fiduciary services but not deposit-taking or lending. The OCC also granted Revolut preliminary conditional approval for a national bank in Connecticut during the same week.

The regulatory shift affected market expectations. Circle shares rose more than 15% on September 4 to above $103, while total crypto-market capitalization increased 4.15% in 24 hours to more than $2.73 trillion. The move was linked partly to expectations around the CLARITY Act, although legislation and market prices remain subject to change.

Settlement Rails Are Expanding Beyond Crypto Exchanges

SoFi and Payward, the parent company of Kraken, announced a partnership on September 3 connecting SoFi’s banking and dollar-settlement infrastructure with Kraken’s trading platform. Payward will join SoFi Exchange Network, allowing institutional clients to clear and settle U.S. dollar transactions around the clock. Kraken will list SoFiUSD, a bank-issued stablecoin redeemable one-to-one for dollars, while SoFi will use Kraken Prime for additional crypto liquidity.

The model shows how stablecoins are being integrated into regulated financial infrastructure rather than treated only as trading instruments. SoFi reported $134.3 million in crypto transaction revenue in the second quarter and serves 15.8 million members. Payward has also applied for a national trust charter, while Kraken Financial holds a Federal Reserve master account.

Paxos-issued USDG launched natively on Mantle on September 4. Mantle joined the Global Dollar Network’s reward-sharing structure, which includes more than 150 partners. USDG had a market capitalization of approximately $3.18 billion and operates under Singapore and European regulatory frameworks.

Stablecoin Adoption Is Bringing New Currency and Liquidity Questions

A Bank of Korea study published on September 5 found that demand for dollar-backed stablecoins can correlate with depreciation in local currencies. The study identified market-maker position balancing as a key transmission channel when users buy stablecoins against the won.

Market data also showed a split between price action and institutional demand. A stronger-than-expected U.S. August jobs report pushed Bitcoin below $80,000, while spot Bitcoin exchange-traded funds recorded $730.9 million in net inflows on September 4. Net assets in spot Bitcoin ETFs exceeded $103 billion for the first time, with BlackRock’s IBIT accounting for approximately $454 million of the daily inflow.

The stablecoin market is therefore developing along two tracks. Issuers are moving toward bank charters, regulated settlement and formal reserve frameworks, while policymakers are studying how dollar-denominated digital money affects local currencies and financial stability. The next phase will depend less on whether stablecoins can move value and more on which institutions are allowed to issue, settle and supervise them.