As the digital asset market matures, regulators around the world are beginning to recognize that treating all cryptocurrencies the same way could be a strategic mistake.

In 2025, the global debate on crypto regulation enters a new stage: separating stablecoins —assets linked to fiat currencies— from altcoins —utility tokens or speculative function tokens.

This division is not only technical: it reflects different levels of risk, economic impact, and regulatory objectives. And it is exactly on this evolution that we will delve deeper.

Why separate stablecoins from other cryptocurrencies?

Stablecoins, by definition, are tokens whose value remains stable in relation to a reference asset, such as the dollar. This makes them instruments with direct implications for monetary policy, financial stability, and payment systems.

Governments and central banks have expressed increasing concerns, especially when private issuers of stablecoins reach significant global scale.

In the United States, the dispute is intense:

  • Traditional banks like Bank of America, Fidelity, and Goldman Sachs advocate that only regulated financial entities should issue stablecoins.

  • On the other hand, crypto companies like Tether (USDT) and Circle (USDC) advocate for a more open approach, prioritizing innovation and inclusion.

The debate has reached the US Congress, where bills are being discussed that would require 1:1 backing in liquid and safe assets.

Circle supports strict regulations; Tether warned it could withdraw USDT from the US market if the rules become operationally unfeasible.

The role of central banks and the case of Latin America

In Latin America, the regulation of stablecoins is gaining increasing attention. In Brazil, the Central Bank has already established that the regulation of stablecoins will be one of its priorities in 2025, with an emphasis on governance and reserve transparency.

In Mexico, the National Banking and Securities Commission (CNBV) is closely monitoring the adoption of crypto assets and is expected to move towards clearer regulation of stablecoins.

Meanwhile, in Colombia, cryptocurrency regulation is evolving, but a clear regulatory framework for stablecoins is still lacking. The growing demand for these assets across the region puts pressure on regulators to establish rules that ensure consumer protection and financial stability.

Europe, Singapore, and the MiCA model

In Europe, the MiCA regulation (Markets in Crypto-Assets) already adopts this segmentation:

  • E-money tokens (stablecoins)

  • Utility tokens

  • Asset-referenced tokens

Each category has specific licensing, reporting, and oversight requirements. Stablecoin issuers must obtain prior authorization, maintain auditable reserves, and comply with strict transparency rules.

Singapore, one of the blockchain innovation hubs in Asia, follows a similar path through the Monetary Authority of Singapore (MAS), differentiating between stablecoins, security tokens, and utility tokens, thus creating a clear and attractive regulatory environment for serious projects.

The challenge of hybrid tokens

Despite these advances, a challenge persists: hybrid tokens.

More and more projects are launching assets that combine functions of stablecoin, utility, and financial rights.

For example, DeFi protocols that issue governance tokens with liquidity linked to real assets.

Regulators are starting to work on more flexible frameworks, where not only the formal structure of the token matters but also its predominant economic function.

Impacts of regulating stablecoins and altcoins separately

The regulatory separation is viewed positively by a large part of the industry:

  • Reduces systemic risks.

  • Facilitates the operation of legitimate projects.

  • Complicates the proliferation of fraud.

However, it involves higher compliance costs, especially for small issuers who will have to adjust their legal and operational structure.

For investors, the effects may be favorable in the medium term, with greater institutional confidence and legal predictability.

That said: tokens operating in gray areas could lose ground or migrate towards more decentralized and less regulated platforms.

Paths towards more efficient regulation

The global trend points towards a risk-based regulatory model:

  • Stablecoins (due to their potential impact on the financial system) will be subject to stricter requirements.

  • Altcoins (with limited uses on specific platforms) will operate under lighter regimes.

Separating asset categories by their function and risk is not only logical but essential for designing efficient standards.

But the challenge is enormous: it requires coordination among central banks, securities entities, legislators, and, above all, constant dialogue with the private sector.

Regulation: a key step towards crypto maturity

Although it may seem complex, this progress marks a new stage of maturity for the crypto-economy.

A market that was once seen as the exclusive territory of enthusiasts is now garnering increasing interest from institutional players.

And for that to continue, regulation is essential. The future of the ecosystem depends on finding a balance between security and fostering innovation.

Recognizing that stablecoins and altcoins should not be treated the same way is simply the first step.

#regulacion #StablecoinRevolution #altcoins


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