After years of enforcement-by-silence, real stablecoin regulation is materializing on both sides of the Atlantic. The short read: reserves must be 1:1, issuers must be licensed banks or regulated entities, and the algorithmic experiments are effectively dead.
That sounds boring. It isn’t. A clear rulebook unlocks the one use case stablecoins were always meant for — and kills three others that investors still haven’t written down as losses.
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