
The regulatory 180° is remarkable. In 2022, the OCC wouldn't touch stablecoins. Now they're calling them 'legally permissible payment tools' and building the framework for banks to issue them. Key detail most are missing: the GENIUS Act puts banks AND non-bank issuers on the same playing field. Circle, Tether, JPMorgan, all competing under one framework. That's unprecedented. Stablecoin supply grew from $130B to $220B+ even during hostile regulation. The demand signal was too loud to ignore. Smart move excluding BSA/AML for now. Establish the growth framework first, layer enforcement later. Classic regulatory sequencing.