The golden age of stablecoins: cryptocurrencies without any surprises

Within the crypto universe, so-called stablecoins are experiencing a golden age. They are digital currencies designed to maintain a fixed parity with assets like the dollar or the euro. USDT and USDC, pegged 1:1 to the dollar, have established themselves among the cryptocurrencies with the largest market capitalization. Their success lies in the fact that they combine the best of the crypto ecosystem—speed, traceability, and low cost—with the stability of central bank-backed currencies. They are increasingly being used as an alternative to traditional bank transfers, which is attracting the attention of financial institutions.

Faced with this boom, financial giants such as Bank of America and Citibank are already working on developing their own stablecoins, amid an increasingly favorable political climate. The United States is considering a package of crypto laws, and President Donald Trump has promised to become a "pro-crypto president." This week, one of the three key pieces of legislation focused specifically on regulating stablecoins cleared the Senate with broad bipartisan support and is now headed to the president's desk for final approval.

The Genius Act and the Stablecoin Act stand out within this legislative package, "two key proposals to provide legal certainty for the use of stablecoins," explains Joaquim Matinero Tor, a lawyer at Ceca Magán. Both texts seek to integrate these digital currencies into traditional payment systems with clear rules. "They include external audits, transparency obligations, and a dual licensing system in which small issuers will operate under state regulation, while large issuers will remain under direct supervision of the Federal Reserve, thus reinforcing confidence in these currencies as regulated payment vehicles," the lawyer adds.

"This legal reinforcement paves the way for much broader uses of stablecoins," says Jorge Soriano, CEO of Criptan. He believes that having a clear definition of the tokenized dollar and allowing its issuance under bank supervision "can unlock real applications beyond trading, such as international payments, remittances, or treasury with continuous liquidity." In his opinion, this regulatory clarity makes the United States a global benchmark, "while Europe must implement MiCA ambitiously if it doesn't want to be left behind in the race for regulated digital money."

For Matinero Tor, MiCA "is just the starting point." The rise of programmable stablecoins and their connection to public digital currencies "will require a more technical and agile second regulatory phase if Europe wants to keep up," he comments. The challenge, he adds, "will be to innovate without compromising stability or user protection."

While this new regulatory framework is taking shape, some Spanish entities are already implementing it. Francisco Maroto, head of digital assets and blockchain at the BBVA Group, highlights that stablecoins "are opening the door to instant payments, currency exchange, and the settlement of tokenized assets on 24/7 operational infrastructures." BBVA already offers USDC to clients in Switzerland and Turkey, "where demand is growing due to local inflation," he adds. Furthermore, it is preparing a euro-pegged stablecoin to be launched this year under the MiCA regulation, he notes. In parallel, the bank is exploring "the use of tokenized deposits and central bank digital currencies (CBDCs) within the Agora project, led by the Bank for International Settlements (BIS)."

In this context, the debate also arises over the role of central bank-issued digital currencies, known as CBDCs. Unlike stablecoins, "these currencies are issued directly by public authorities and operate within a specific jurisdiction, with traceability and state control," highlights Javier Pastor, director of institutional training at Bit2Me. In contrast, stablecoins "allow for greater interoperability and global expansion without bilateral agreements," he explains. "Although they entail different risks, their design offers more flexibility than a CBDC," he concludes.

Despite the sector's growth, "stablecoins have not yet made the leap to widespread use," Pastor warns. Their adoption "remains limited by their almost exclusive association with trading and financial speculation," he comments. For them to gain real traction, "their integration into everyday payments, international remittances, more stable decentralized finance, and value-added business solutions outside the crypto ecosystem will be key. Without concrete use cases, their reach will remain limited," he concludes.

One of the keys to unlocking this leap to mass adoption lies in "the role that stablecoins already play in decentralized finance, or DeFi, an environment where they replicate classic financial services—such as loans or exchanges—without intermediaries," explains Edwin Mata, CEO of Brickken. Their stability and liquidity have made them an essential part of Ethereum and other networks, where they serve as a bridge between fiat money and new digital infrastructures. "Without stablecoins, the true expansion of Web 3 and tokenized assets would be unfeasible," says Mata.

The central role of stablecoins in Ethereum is also reflected in their transactional weight. Juan Pablo Mejía, a professor at the Digit Institute, emphasizes that "they account for a large portion of the trading volume and act as a benchmark asset in the main DeFi protocols. They are key for lending, savings, and liquidity strategies." Their relevance is such that, in the event of a potential Ethereum fork, issuers such as Tether or Circle "could tip the balance when deciding which network to support," he concludes.

Stablecoins aren't exclusive to Ethereum, recalls Pastor of Bit2Me. Although they originated on that network, they now operate on blockchains like Solana, Binance Smart Chain, or even on second layers of Bitcoin, like the Lightning Network, he notes. This interoperability "demonstrates their structural role in the crypto ecosystem. Without them, maintaining stability, offering reliable loans, or running decentralized exchanges would be unfeasible," he concludes.

The recent rise of new currencies like KILL USD has reignited the debate around what a stablecoin actually is. "Not all those that adopt that label meet the technical requirements," warns Adriana Restrepo, co-founder of Deblock. "Some lack real backing or guarantee stable parity, and respond more to marketing strategies than financial criteria," she comments. In contrast to these, regulated proposals are emerging, with external audits and legal traceability, that do aspire to compete with giants like USDT," she explains.

Tether's current dominance can only be challenged by stablecoins issued under clear regulatory frameworks, Restrepo notes. The combination of real-asset backing, European regulation via MiCA, and frameworks like the GENIUS Act in the US is paving the way for a new generation of institutional stablecoins, he asserts. In the face of doubts about the viability of a CBDC, these private currencies are gaining ground due to their liquidity, global adoption, and operational speed, he concludes. In many cases, they are already emerging as the preferred option.