#BigTechStablecoin Big tech companies entering the stablecoin market has raised concerns among lawmakers and regulators. The GENIUS Act, a stablecoin legislation, has gained bipartisan support and is expected to be submitted for the President's signature soon. One of the key debates surrounding BigTech stablecoins is whether they should be required to obtain a banking license, given their potential impact on the financial system.

*Key Concerns:*

- *Data Privacy*: Regulators worry that BigTech firms could leverage consumer data outside the intended activity, giving them an unfair advantage.

- *Market Power*: BigTech companies could "print their own money" and corner markets, potentially disrupting the financial system.

- *Regulatory Framework*: There's ongoing debate about whether stablecoin issuers, including BigTech firms, should be subject to banking regulations ¹.

*Global Regulatory Landscape:*

- *US*: The GENIUS Act aims to establish clear guidelines for stablecoin issuers, including BigTech companies.

- *Hong Kong*: The Legislative Council has passed a Stablecoin Bill, allowing the issuance of HKD-backed stablecoins.

- *UK*: The government is finalizing its statutory instrument, recognizing stablecoins as investment instruments.

- *EU*: The Council of the EU is adopting its position on the reviewed Payments Services Directive (PSD3/PSR).

*Notable BigTech-Related Stablecoin Projects:*

- *USDY (Ondo Finance)*: A tokenized note backed by short-term US Treasury bonds and bank deposits.

- *USDM (Mountain Protocol)*: An ERC-20 rebasing token backed by short-term US Treasury bonds.

- *USDe (Ethena Labs)*: A crypto-native synthetic dollar using stETH as collateral.

- *LISUSD (Lista DAO)*: A decentralized stablecoin accepting various crypto assets as collateral ².