ABSTRACT The emergence of the stablecoin class represents a structural inflection point in the global financial architecture, morphing from an obscure cryptocurrency feature into a macroeconomic force with a market capitalisation that has soared from approximately $3 billion in 2019 to exceed $300 billion by late 2025 European Systemic Risk Board Report, October 2025. This … Leggi tutto US Stablecoins: The GENIUS Act’s $300 Billion Bet and the Global Central Bank Risk Divergence