The authors suggested regulators evaluate requiring stablecoin issuers to hold part of their reserves as bank deposits, noting it could support bank funding but concentrate uninsured deposits in few banks.

Overview Debates Related claims Topics Sources

France should tax cryptocurrency conversions into stablecoins

LogosFi, Inc. officially debuted and launched its testnet for tokenized assets and stablecoins at Money20/20 USA on October 19, 2026.

LogosFi, Inc. developed an API-driven shared evidence infrastructure that delivers machine-readable, cryptographically signed data on tokenized assets and stablecoins.

Headquartered in Malaysia, licensed digital bank Monfi Digital Bank Ltd. publicly launched a regulated, bank-issued US dollar stablecoin named Monfi USD (MUSD) at the TOKEN2049 conference in Singapore on October 19, 2026.

Fireblocks provides custody infrastructure and key management for Monfi USD (MUSD), while Chainalysis provides on-chain monitoring and sanctions screening.

Under TokenLogic's proposed entry route, an approved counterparty supplies USAT to Aave V4's Tokenization Spoke to receive waUSAT receipt tokens before swapping them for GHO.

TokenLogic's October 15, 2026 proposal specifies zero swap fees for the module while leaving contract addresses for Avalanche USAT, waUSAT, reserve, commercial counterparties, and pricing strategies unspecified.

An October 12, 2026 risk assessment by LlamaRisk reports a standard $1 million mint and burn minimum for USAT with Anchorage Digital Bank.

Redeeming USAT stablecoins for U.S. dollars requires an active client account relationship under a written agreement with issuer Anchorage Digital Bank.

TokenLogic's proposed Aave stability module requires approval for every swap, and revoking access prevents subsequent swaps, including attempts to recover previously deposited waUSAT receipt tokens after exchanging them for GHO.

TokenLogic submitted an October 15, 2026 governance proposal to introduce a permissioned GHO Stability Module for USAT on Aave V4 on Avalanche.

The European Securities and Markets Authority's e-money token register remained at 50 entries representing 25 unique entities, while the asset-referenced token register stayed at zero in the October 16, 2026 update.

The GENIUS Act was signed into law on July 18, 2025 and is expected to take effect by January 18, 2027.

The U.S. Department of the Treasury's proposed stablecoin rule implementing Section 3 of the GENIUS Act was published on August 18, 2026 under docket TREAS-DO-2026-0496.

The Blockchain Association argued that permissionless protocol participants should not face blanket identification or geolocation obligations when interacting only with public wallet addresses.

The Blockchain Association proposed a safe harbor excluding ordinary secondary-market trading and liquidity provision from criminal liability for unlawful stablecoin issuance.

The U.S. Department of the Treasury proposed using customer information, geographic restrictions, device-location checks, and transaction monitoring to support its reasonably believes counterparty location assessment.

The Blockchain Association urged the U.S. Department of the Treasury to clarify that criminal liability for knowing participation in unlawful stablecoin issuance requires actual knowledge and affirmative, substantial assistance.

The Blockchain Association recommended that digital asset service providers be allowed to rely on publicly available regulatory lists from the Treasury and OCC rather than conducting open-ended due diligence on foreign stablecoin issuers.

The Blockchain Association requested that the term digital asset service provider be limited to customer-facing businesses and exclude self-custody software, validators, and proprietary trading firms.