Stablecoin

At the 2025 Blockchain Association Policy Summit in Washington, OCC Chief Jonathan Gould said digital asset firms seeking national trust bank charters should be evaluated under the same standards as traditional financial institutions, according to remarks at the event. He said the OCC has received about 14 charter applications since the start of the year and expressed confidence in the agency’s ability to supervise new entrants and activities.

On Monday, the CFTC introduced a pilot program that lets qualified futures commission merchants use Bitcoin, Ether and payment stablecoins such as USDC as margin collateral in regulated U.S. futures and swaps markets. Acting Chairman Caroline Pham framed it as a controlled test of tokenized collateral, with enhanced reporting, a no-action letter permitting segregated custody of certain digital assets, and withdrawal of 2020 guidance that discouraged crypto collateral. If successful, the trial could extend the role of stablecoins and tokenized Treasuries across clearing, margining and settlement infrastructure on Wall Street.

CoinShares’ 2026 Digital Asset Outlook, published Monday, argues hybrid finance is embedding public blockchains into core market infrastructure. The report cites more than $90 billion in U.S. spot Bitcoin ETF inflows and over one million BTC held by corporate treasuries. It expects broader access via wealth platforms alongside accelerating tokenization.

On December 9 2025, Tezos-based French fintech Lyzi said Porsche Centre Montpellier and Lamborghini Bordeaux became the first dealerships in their respective networks to accept cryptocurrency payments for vehicle purchases, supporting Bitcoin, Tez, EURC, USDC and more than 80 other digital assets. Lyzi also launched a crypto donations platform for Doctors of the World, allowing contributions to around 400 humanitarian programs in over 80 countries. The company added that its Web3 payments solution is now live at more than 800,000 points of sale after a €1.3 million seed round in April 2025.

On December 8, 2025, the U.S. CFTC launched a pilot allowing Bitcoin, Ether and USDC to be used as collateral in regulated derivatives markets, according to the agency. For the first three months, futures commission merchants may accept only these assets and must submit weekly reports. The agency also issued guidance on tokenized collateral and withdrew a 2020 advisory.

At the UBS Global Technology and AI conference, Western Union CFO Matthew Cagwin presented a new "stable card" designed to help recipients in high-inflation countries preserve the value of remittances. The card will hold USD-pegged stablecoins and sits within a wider strategy that includes Western Union's own USD Payment Token and a Solana-based Digital Asset Network linking digital and fiat payment rails, according to Cagwin.

On December 9, 2025, Fitch Ratings cautioned that U.S. banks expanding into crypto and digital-asset services face reputational, liquidity, operational, and compliance risks that could weigh on their ratings. The report cited initiatives at large institutions including JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo. It highlighted that rapid stablecoin growth may threaten financial stability and affect U.S. dollar and Treasury markets. Moody's has likewise flagged systemic risks if USD-linked stablecoins see widespread adoption.

In testimony in November 2025, Acting Comptroller Jonathan V. Gould said cryptocurrency firms applying for federal bank charters should be treated the same as traditional banks. He added the OCC received 14 digital-asset-related charter applications in 2025, signaling rising demand for federally chartered crypto banking.

U.S. senators are negotiating a comprehensive crypto framework that would clarify the oversight roles of the SEC and CFTC. On December 8, Senator Bernie Moreno criticized the talks at a Washington, D.C. policy summit, and sources said Democrats and Republicans plan to meet on December 9. Committee leaders are considering a markup as early as December 17–18, though the schedule remains uncertain.

On December 9, 2025, the CFTC launched a pilot program that allows Bitcoin, Ethereum, and USDC to be posted as margin collateral in U.S. derivatives markets, limiting their use to collateral for the first three months, according to the agency. The CFTC also cleared spot crypto trading on CFTC‑registered venues, and Bitnomial plans to introduce leveraged spot products this week.