As stablecoins and digital currencies become more prevalent, global financial authorities are ramping up their oversight of banking systems, leading to significant updates in established financial rules. Across regions—from Japan’s regulatory adjustments to France’s legislative reforms and the evolving landscape in the United States—the relationship between digital asset innovation and traditional banking is transforming requirements for capital, international payments, and institutional involvement.
Japan’s Financial Services Agency (FSA) is considering new policies that would permit banks to invest in cryptocurrencies and operate as authorized crypto exchanges. This comes after
Bybit's pause in Japan
to comply with FSA regulations, highlighting the increasing necessity for crypto businesses to adapt to shifting regulatory frameworks. The FSA’s initiatives are designed to strengthen Japan’s position as a crypto-friendly destination, with Chainalysis noting the country’s leadership in Asia-Pacific onchain activity.
France has adopted a more oppositional approach, as its National Assembly voted against the European Central Bank’s (ECB) digital euro plan, instead advocating for
Bitcoin
and stablecoins backed by the euro. The proposal, introduced by Éric Ciotti and UDR representatives, recommends a 2% national Bitcoin reserve and revisions to Basel III rules, which currently require up to 1,250% capital reserves for loans backed by crypto assets. Lawmakers argue that such strict capital rules hinder innovation and deter banks from participating in crypto-backed lending. Meanwhile, the ECB’s digital euro, projected to launch by 2029, faces doubts regarding privacy and risks to financial intermediaries; the National Assembly’s decision,
reported by Bitcoinist
, highlights these concerns.
In the United States, changes are also underway, with
JPMorgan analysts
observing that Circle’s
USDC
stablecoin is surpassing Tether’s
USDT
in onchain expansion. This shift coincides with clearer regulations, such as the GENIUS Act set for July 2025, which established guidelines for stablecoins and spurred their broader use.
Visa's expansion
, a major milestone in payments, now supports four stablecoins across four blockchains and enables conversion to 25 different fiat currencies. CEO Ryan McInerney emphasized Visa’s reach—12 billion endpoints and $14 trillion in payments processed in 2025—demonstrating the increasing integration of crypto with conventional finance.
Standard Chartered predicts
that the value of tokenized real-world assets, primarily on Ethereum, could hit $2 trillion by 2028. This forecast highlights the role of stablecoins in enabling instant, cross-border payments, as seen with
Ripple's RLUSD stablecoin
, which offers fast, low-fee transactions for businesses and nonprofits. At the same time, French legislators are advocating for stronger euro-based stablecoins to decrease dependence on dollar-linked tokens, which currently make up 91% of the $230 billion stablecoin sector.
Regulatory changes are also affecting capital adequacy standards.
KBC Group's Q2 2025 results
indicate a CET1 ratio of 14.6% for Q2 2025, well above the ECB’s updated 10.85% minimum, demonstrating the industry’s stability despite stricter capital requirements. However, organizations like
OFS Capital
are experiencing liquidity challenges due to credit agreement conditions, pointing to the necessity for adaptable policies as digital asset adoption rises.