Stablecoins have surged to a $317 billion market capitalization following the passage of the GENIUS Act in July 2025. In a new policy brief published by the Policy Center for the New South, BWC Member Hung Tran examines the potential effects of this rapidly evolving payment method. While stablecoins promise to improve financial transactions through more efficient tokenized instruments, Tran cautions that they pose a significant regulatory challenge and could have far-reaching implications for central banks if private money begins to gradually displace public money.

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All views expressed by members are their own and not reflective of the views of the Bretton Woods Committee.