As the market for digital assets matures, regulators around the world are beginning to realize that treating all cryptocurrencies the same way may be a strategic mistake.

In 2025, the global debate surrounding crypto regulation is moving towards a new stage: the separation between stablecoins — assets pegged to fiat currencies — and altcoins — utility tokens or those with speculative function.

This division is not just technical, but reflects different levels of risk, economic impact, and regulatory objectives. And it is precisely on this topic that we will address in this article.

Why separate stablecoins from other cryptos?

Stablecoins, by definition, are tokens whose value is tied to a stable asset, such as the dollar. This characteristic means that they have direct implications for monetary policy, financial stability, and the payment system. Governments and central banks have expressed growing concerns about the issuance of these currencies by private entities, especially when they reach global scale.

The case of the US is emblematic. There, the dispute between traditional banks and crypto companies over the regulation of stablecoins has intensified. Institutions such as Bank of America, Fidelity, and Goldman Sachs argue that only regulated financial entities should be allowed to issue this type of token. On the other hand, companies like Tether (USDT) and Circle (USDC) advocate for a more open model, focusing on innovation and the inclusion of non-bank issuers.

This dispute has gained momentum in the US Congress, where bills are being discussed that seek to establish strict criteria for the reserves of stablecoins, requiring proof of 1:1 backing, preferably in highly liquid and low-risk assets. Circle, for example, supports stricter measures, while Tether has indicated that it may even withdraw USDT from the North American market if the regulation goes beyond what it considers operationally viable.

The role of central banks and the case of Brazil

In Brazil, the Central Bank has already signaled that the regulation of stablecoins will be one of the priorities for 2025. According to a recent report, the Central Bank understands that, due to their monetary nature, these digital currencies must adhere to more robust rules, similar to those applied to financial institutions. This includes requirements for governance, transparency in reserves, and consumer protection mechanisms.

The proposal, however, is that altcoins follow a distinct regulatory framework. Brazil already has a general law on crypto assets in effect since 2023, which defines parameters for service providers, but still lacks specific regulation by type of token. The expectation is that the distinction between payment tokens, utility tokens, and security tokens will progress in 2025, mainly with the collaboration of the Securities and Exchange Commission (CVM) and the National Congress.

Europe, Singapore, and the MiCA model

In Europe, the MiCA Regulation (Markets in Crypto-Assets) already adopts this segmented approach. The rule clearly distinguishes between three main categories: e-money tokens (like stablecoins), utility tokens, and asset-referenced tokens. For each type, there are specific licensing, accountability, and oversight requirements.

The MiCA requires, for example, that stablecoin issuers obtain authorization from financial authorities, maintain transparent reserves, and be subject to regular audits. Utility tokens, on the other hand, face fewer requirements, as long as they are not used as a means of payment on a large scale.

Singapore is following a similar path. The Asian country has become one of the innovation hubs in blockchain and Web3 by establishing a clear and proportional regulatory regime. The Monetary Authority of Singapore (MAS) differentiates between stablecoins, security tokens, and utility tokens, creating conditions to attract serious companies and avoid the flight of talent to more opaque jurisdictions.

The challenge of hybrid tokens

Despite the advances, there is one point that remains a regulatory challenge: hybrid tokens. Many projects today issue assets that function partially as stablecoins and partially as utility tokens. This is the case for DeFi protocols that offer governance tokens with paired liquidity or tokens that represent financial rights linked to digital services.

In these cases, it is difficult to apply a single legal classification, which generates insecurity for both issuers and investors. Regulators are starting to work on more granular frameworks that consider the predominant use and economic function of the asset rather than just its formal structure.

Impacts for the crypto market from separate regulation

The trend to separate the regulation of stablecoins and altcoins is well-regarded by many industry participants. It can reduce systemic risks, facilitate the operations of legitimate projects, and hinder the proliferation of fraud. At the same time, this new model increases compliance costs, especially for small issuers, who will need to adapt their legal and operational structure.

For investors, the impact may be positive in the medium term as institutional confidence and legal predictability increase. Conversely, tokens that currently operate in regulatory "grey areas" are likely to lose ground or migrate to more decentralized platforms, less subject to direct oversight by authorities.

Paths to more efficient legislation

The advancement of crypto regulation — both in Brazil and abroad — points to the consolidation of a risk-based model. This means that assets with greater potential for systemic impact, such as stablecoins backed by fiat currencies, will have to follow stricter rules. On the other hand, tokens with functions restricted to specific platforms or communities may operate under lighter regimes.

Separating the categories of crypto assets by function and impact is the first step towards more efficient regulation. But the task is far from simple. It requires coordination among central banks, securities agencies, and legislators, as well as constant dialogue with the private sector.

In any case, keep in mind that this advancement, no matter how complicated it may be, represents a clear step of additional maturation of the crypto universe. This asset class, which used to be only for enthusiasts, is increasingly being viewed as an opportunity by agents in the traditional market. And for this to continue, regulation is essential.

The future of the crypto economy directly depends on this balance: to create rules that ensure security without stifling innovation. And for that, recognizing that stablecoins and altcoins are not — and should not be — treated as if they were the same thing is a basic condition.

#StablecoinSafety #cripto #altcoins

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