The bank is considering USD and euro Stablins and euro to help modernize payments and increase financial inclusion. This development is aligned with the impulse behind the Genius Law, which is a bipartisan bill of the United States that seeks to regulate stable stable by enforcing the support of 1: 1 dollar, the fulfillment of AML and the protections of reserve assets. If approved, the law could reinforce the domain of the US dollar in digital finances. Meanwhile, India is expanding its digital rupee tests by focusing on programability and out -of -line use cases to increase accessibility. These global movements suggest that Stablecoins and CBDC are becoming central pillars of the future financial infrastructure.
Santander Eyes Stablecoin launch
According to reports, Banco Santander SA, one of the world’s main global banking institutions, is considering expanding its cryptocurrency services to retail clients, including the possible own launch Stablecoin. The measure is part of a tendency between the main financial institutions to adopt financial products based on blockchain in the light of a Regulatory climate change In the United States. According to May 29 Bloomberg reportSantander is exploring the US dollar and the stablecoins, although the plans are still in early development.
This last development places Santander with others Major American banks– Like JPMorgan, Citigroup, Bank of America and Wells Fargo, which are reported Exploring similar initiatives Thanks to more favorable regulatory conditions under the administration of President Donald Trump. The change in the emboldened tone to the banks to consider the launch of fiduciary tokens that could accelerate payments, promote financial inclusion and improve global capital access for small businesses. Supporters of the trend argue that Stablecoins can extend the overall reach of the US dollar, rationalize cross -border transactions and democratize access to financial systems by banking non -banking friction and reducer in traditional remittance flows.
However, the broader banking industry is still quite divided on the subject. While some institutions see Stablecoins as an opportunity to innovate, others fear that they can erode traditional banking and market share, especially if these tokens begin to offer interest yields.
General description of the Stablecoin market (Source: Rwa.xyz)
Bank lobbyists, with the support of several American senators, have resisted legislation that will facilitate the issuance or distribute the stable performance. This is mainly due to concerns about the destabilizing effects They could have in the retail bank. Senator Kirsten Gillibrand spoke at the DC Blockchain Summit in March 2025, and questioned whether allowing Stablecoin emitters to pay interest could encourage depositors to leave Traditional banksthus threatening its ability to provide loans to local companies and homes.
NYU professor Austin Campbell He argued that the stables that support the performance interrupt the central mechanics of modern retail banks, particularly the low interest deposit model that is essential for the fractional reserve system. Campbell criticized efforts to reduce such products, and suggested that only entrenched interests obtained when blocking innovation.
Stablecoin Bill could consolidate Dollar’s digital role
He Genius act It is a fundamental piece of US legislation that focuses on the stables, and could soon play a central role in impulse American dollar domain In the panorama of digital assets. Aes to guide and establish national innovation for the US stablecoins, the bill seeks Anti-lavish money Laws.
According to May 29 report From Foresight Ventures, the law has the potential to consolidate the state of the dollar as the world’s favorite liquidation currency in the web3, as well as train Fintech companies to build safe and compatible financial tools.
The bill advanced beyond a procedural vote in the United States Senate on May 20 with a margin of 66–32, suggesting that it has a good bipartisan impulse. However, a full floor vote still awaits, and its final passage is not guaranteed. In early May, the legislation found some endurance of the key Democrats, which caused caution optimism in the cryptographic industry.
The potential of the genius law extends beyond the borders of the United States. Some industry leaders believe that its implementation could serve as a global reference point for regulation of digital assets. Andrei GrachevDWF Labs and Falcon Finance managing partner said that when the United States takes a definitive step in Stablecoin’s policy, the rest of the world tends to do the same.
Stablecoins They are no longer seen as experimental tools in the cryptographic ecosystem, but as alternatives superior to traditional fiduciary money, since they are faster, more efficient and more transparent. The objective of the genius law is to safeguard that utility by introducing protection measures around reserve assets.
The legislation will prohibit the issuers of using reservations for purposes beyond redemption and a limited list of low -risk investments, such as US Treasury. UU. These provisions are designed To prevent systemic risk and protect against the appearance of shade banking practices in the Stablecoin sector. If approved, the genius law could lay the foundations for a more stable and regulated digital dollar infrastructure.
India expands digital rupee tests
CBDC developments are also increasing worldwide. The Bank of the India Reserve (RBI) Plan to expand the scope of their digital rupture pilots by introducing new cases of use and characteristics of the retail and wholesale versions of their Central Bank digital currency (CBDC).
According to the RBI’s Annual Report for 2024–25The Central Bank focuses on the explore programability and functionality outside line, which could make digital rupee more versatile in regions with limited connectivity on the Internet. These improvements are expected to support cases of use such as government subsidies and corporate expenses limits, which helps adapt digital payments to specific economic needs.
Currently, the CBDC retail driver is being tested with select clients and merchants through a network of participating banks and has already reached 600,000 users. To climb the adoption even more, the RBI allowed certain non -banking entities to offer CBDC wallets. Meanwhile, the wholesale pilot is gaining ground within the interbank market and has recently expanded to include four independent primary dealers.
The growth of the wider digital payments ecosystem of India further supports this impulse in CBDC. During the financial year 2024–25, the country saw an increase of 34.8% in the volume and a 17.9% increase in the value of digital payments. India also kept his global leadership In real -time payments, with the Unified Payment Interface (UPI) that represents 48.5% of the volume of global transactions.
(Fountain: RBI)
Among its other recent innovations, the RBI pointed out the characteristic of “delegated payments”, allowing a primary user to authorize another individual to form UPI transactions in a pre -established limit. The objective of this initiative is to expand access to digital payments.
The Supreme Court of India also renewed orders for integral cryptocurrency regulation. On May 20, Judge Surya Kant criticized the delayed action of the government, despite the existence of 30% Cryptography Profit Tax Since April 2022.
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