New US SEC Stablecoin Regulation Rules Are Coming Soon | USDT, USDC, and Other Mainstream Stablecoins Face Compliance Restructuring

1. A new regulatory cycle begins: Stablecoins become a compliance focus

In the fourth quarter of 2025, the Stablecoin Regulatory Framework Draft (SRFD) jointly drafted by the U.S. Securities and Exchange Commission (SEC) and the Treasury has entered the final review stage and is expected to take effect as early as December 2025 .

This means that stablecoins will be included in the category of "quasi-currency financial instruments" for the first time, subject to regulatory standards similar to bank deposits and payment and clearing instruments. Regulators say this move marks the official entry of the crypto industry into the " compliant currency era ."

📉 Background data:

• The total market value of global stablecoins has exceeded $180 billion

• Stablecoin payments account for more than 72% of total crypto payments

• About 69% of cross-border on-chain payments are completed using USDT or USDC

II. Core provisions of the new regulations: the "three pillars" of reserves, disclosure, and issuance

The SEC draft proposes three major compliance requirements for the stablecoin ecosystem:

🔎 This means that "foreign-issued stablecoins" like Tether (USDT) may face stricter compliance scrutiny, while projects like Circle (USDC) that have registered with US regulators are expected to benefit.

3. Comparison of mainstream stablecoins: Who is most likely to benefit?

📌Summary:

• ✅ USDC and PYUSD will become the biggest winners due to their “native compliance”;

• ⚠️ USDT and other "offshore issuance" projects may face the risk of being delisted or having trading pairs restricted by US exchanges ;

• ⚖️ European stablecoins (such as EURC) need to meet both MiCA and SEC requirements, and compliance costs will increase significantly.

IV. Comparison of Global Regulatory Landscapes: US vs. EU MiCA II

📊Interpretation:

• The US regulatory framework is closer to the Payment Instruments Act , emphasizing fund security and user protection;

• The EU's MiCA II focuses more on " market conduct norms ", focusing on consumer rights and cross-border compliance;

• In the next 1-2 years, the two may achieve "interoperability of the US and European stablecoin markets" through a mutual recognition mechanism .

5. Industry Voice: Stablecoins May Become a “Bridge Between Crypto and Traditional Finance”

Many Wall Street and blockchain industry experts believe that this new regulation will become a " milestone in the institutionalization of crypto assets ."

“Stablecoins are the ‘payment layer’ of the crypto industry and the gateway for traditional finance to enter Web3. Once regulations are clarified, it will be easier for institutional funds to enter the market.”
—Michael Rees, analyst at ARK Invest

“For compliant stablecoins like USDC, this is not a challenge, but an opportunity to explode in market share.”
—Jeremy Allaire , co-founder of Circle

VI. Future Outlook: The “Winner” of the Compliance War May Be Announced Early

The passage of new stablecoin regulations will not only reshape the market landscape, but will also become a basic condition for institutional entry, payment compliance, and mainstreaming of on-chain settlement .
By the end of 2026 :

• The total market value of stablecoins is expected to exceed $300 billion ;

• 80% of trading volume will come from compliant stablecoins ;

• Traditional financial payment systems will be deeply integrated with on-chain settlement.

📊 Summary in one sentence:

“Whoever can be the first to achieve full compliance will dominate the global on-chain payment ecosystem in the next decade.”