A very important question — the regulatory situation in the USA could indeed have a key impact on the future of stablecoins.
1. Will regulatory uncertainty hinder innovation?
Yes, and it is already hindering.
Startups and investors are keeping their distance. Without clear rules, companies do not want to risk launching or scaling projects.
Regulatory arbitrage. Many projects are moving to jurisdictions with clearer laws (e.g., Singapore, Switzerland, UAE).
Banks and large players are cautious. Without regulatory clarity, they cannot integrate stablecoins into their payment solutions or settlement systems.
2. How will this affect adoption and user trust?
Short term:
Slowing down mass adoption. Especially in the USA, where regulated platforms and users are waiting for an official 'green zone'.
Decreased trust in unstable issuers. Users are concerned that uncontrolled stablecoins may be blocked or devalued.
Long term:
Survival of the fittest. Legitimate, transparent stablecoins with reserves (e.g., USDC) are likely to gain an advantage after rules are adopted.
CBDC or government stablecoins. There may be increased pressure on private issuers from a potential digital dollar.
What does this mean for investors and users?
Hold stablecoins only from verified issuers. USDC, Tether (USDT, but with caution), possibly PayPal USD.
Assess jurisdictional risks. Projects related to the USA are currently in a 'suspended' state.
Keep an eye on legislation. The adoption of a law could drastically change the market — both positively (increased trust) and negatively (restrictions on unauthorized stablecoins).
