SEC finalized its stablecoin framework. Two tiers: large issuers (>$10B) get strict capital buffers and real-time attestations. Smaller issuers get streamlined registration.
Circle and Paxos are ready. Tether hasn't said much — which is itself telling. A $141B stablecoin facing stricter audits and capital requirements isn't a small deal.
The real win: regulatory clarity removes the biggest overhang keeping institutional capital on the sidelines. Expect banking partnerships and treasury adoption to accelerate in the coming months. The stablecoin rails are finally getting legitimized.