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Stablecoin Regulation in 2025: What the New Laws Mean for Treasury

Analysis of emerging stablecoin legislation in the US, EU, and Asia, and how compliant infrastructure positions enterprises for success.

16 min read
January 1, 2025
The regulatory landscape for stablecoins is crystallizing rapidly. The EU's MiCA regulation went into effect in 2024. The US is advancing multiple stablecoin bills. Singapore, Japan, and the UK have all published frameworks. For enterprise treasury teams, understanding this evolving landscape is critical—both for compliance and for evaluating which stablecoin infrastructure will remain viable as regulations tighten. This analysis examines the major regulatory frameworks and their implications for enterprise adoption.

US Regulatory Landscape

Multiple stablecoin bills are advancing through Congress, with broad bipartisan support for a regulatory framework. Common elements across proposals include: 1:1 reserve backing requirements, regular attestations, restrictions on reserve composition, and state or federal licensing requirements. GRAIN's design anticipates these requirements—full USDC backing with on-chain proof of reserves.

EU MiCA Framework

The Markets in Crypto-Assets (MiCA) regulation provides comprehensive rules for stablecoin issuers operating in the EU. Key requirements include authorization from a national regulator, minimum capital requirements (€350K for e-money tokens), and reserve asset restrictions. GRAIN's Circle/USDC foundation provides a compliant pathway for EU operations.

€350K
MiCA Minimum Capital
100%
Reserve Requirement
2024
MiCA Effective Date

Compliance Positioning

GRAIN is designed for regulatory clarity from day one. By building on USDC's regulated infrastructure and maintaining transparent, over-collateralized reserves, we anticipate meeting requirements across major jurisdictions as frameworks finalize.

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