From Cointelegraph

May 15, 2025 6:15 PM:

Global foreign exchange and payments platforms are facing pressure from stablecoins, which threaten to disrupt their revenue streams, investor Kevin O’Leary said at Consensus 2025. Legacy platforms charge high fees for cross-border transfers and could lose out to regulated stablecoins if they become widely accepted as a cheaper, faster option.

US lawmakers are working on the Genius Act to regulate stablecoins, aiming for approval before the end of May. Once approved, O’Leary believes global regulators will follow suit. The financial services industry opposes the bill, fearing the impact on their business. Regulatory clarity for stablecoins could pave the way for broader cryptocurrency reforms.

Stablecoins collectively hold nearly $250 billion in market capitalization, with Tether’s USDT leading at $150 billion and Circle’s USDC following at over $60 billion. As of May 15, stablecoins are gaining traction in the market, with potential to unlock trillions of dollars in institutional capital. Regulatory clarity could lead to significant progress in consumer protection and ethics in the cryptocurrency space.

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