Why Read: Legal enforcement of the GENIUS Act will take effect in mid-January, but regulators still aren't sure whether stablecoin should be regulated as currency or securities. An overview of the questions, dynamics, and players shaping this global financial shift. - bba

Back in March, I wrote to SNS members about stablecoin in the context of its use by agentic systems. That piece was about the guaranteed chaos of letting unsupervised AI deploy capital seamlessly across the global economy.

This week, I'm reporting on the impending US embrace of stablecoin itself. For those not yet following: stablecoin is a new class of cryptocurrency for digital payments that will be officially unleashed on the American economy in January 2027.

Unofficially, it's already here and pretty unregulated.

Here, from Forbes, is a list of the top 10 fiat-backed stablecoin globally: