UK Stablecoins (Bullish for UKQS, Bearish for Offshore): HM Treasury’s proposed carve-outs for UK-issued stablecoins (UKQS) offer a much faster route to market for payment processors. However, hybrid platforms that mix payments with lending will face structural complexities in avoiding regulatory breaches, and, crucially, platforms relying on overseas-issued stablecoins will face significant cross-border operational friction. Singapore Institutional Adoption (Bullish): MAS is

Bullish/Neutral for US Stablecoin Yields: The GENIUS Act’s ban on reserve rehypothecation structurally protects, rather than threatens, the core profitability of stablecoin issuers. By mandating reserves be held in yield-bearing safe-haven assets and explicitly prohibiting interest payouts to users, issuers legally capture 100% of the risk-free yield, securing their net interest margins. Bullish for EU Institutional Activity: The ECB’s formal endorsement of MiCA-compliant e

Executive Summary This report provides a thorough analysis of Commission Implementing Regulation (EU) 2025/1126, a key legal instrument...