Every bank will issue a stablecoin after GENIUS Act passage: Alchemy CTO#GENIUSActPass

Guillaume Poncin of Alchemy predicts that the passage of the Genius Act will soon bring major financial institutions into the stablecoin business.

The U.S. Senate has passed the Genius Act, bringing long-awaited regulatory clarity to stablecoins. With this development, major financial institutions are expected to roll out their own stablecoins. Guillaume Poncin, CTO of Alchemy, gave an interview to crypto.news. Alchemy is working with Visa, Coinbase, Stripe, and Robinhood on stablecoin issuance.

Until now, major banks have held back, waiting for clear regulations, a need the new bill addresses. Poncin believes that, in the future, every bank will issue its own stablecoin and operate its own blockchain.

crypto.news: You have recently suggested that banks will soon issue their stablecoins and run their blockchains. What are the main advantages of this move for them and their clients?

GP: For banks, issuing their own stablecoins allows them to capture the float on reserves, with the ability to bring in hundreds of millions in annual revenue from treasury yields at current rates. They also maintain control over their customer relationships and transaction flows rather than ceding that to third-party issuers.

For clients, bank-issued stablecoins offer instant settlement, 24/7 availability, and programmable money that is backed by the trust and regulatory protections of traditional banking relationships. The right Web3 infrastructure makes it feasible for banks to launch these capabilities without years of blockchain development.

CN: If banks get into the stablecoin business, what does this mean for major stablecoin issuers like Circle and Tether?

GP: Circle and Tether have established themselves as the default rails for crypto-native use cases and international transfers. Banks can focus on different segments, like corporate treasury, regulated institutional flows, and integration with existing banking services.