Alchemy CTO “All U.S. Banks Will Directly Issue Stablecoins”

As the U.S. Stablecoin Regulatory Bill ‘Genius (GENIUS)’ passed the congressional threshold, there is a forecast that all banks in the U.S. will issue their own stablecoins. Guillaume Ponsard, Chief Technology Officer (CTO) of Web3 infrastructure developer Alchemy, said, “As the Genius Bill presents the first comprehensive regulatory framework for stablecoins, banks will build blockchain infrastructure and issue stablecoins directly.”

He analyzed, “If banks directly issue stablecoins, they can maximize profits through reserve operations on customer deposits, and in the current high interest rate environment, additional annual profits of millions of dollars are possible.” He continued, “Instead of relying on third-party issuers, banks can manage customer assets and payment flows themselves, which is a very significant advantage in terms of keeping financial control within the company.”

The Genius Bill contains extensive regulations such as stablecoin issuance requirements, collateral assets, and issuer audit standards, and is expected to significantly change the landscape of the digital payment market in the U.S. If the entry of banks into this market becomes a reality, it will be interesting to see how the competitive landscape with existing private stablecoin issuers will unfold.