Stablecoins are now a compliance product.

Payment stablecoins in the U.S. now look like cash. Full reserve, audited, and no interest paid by issuers. That is what the GENIUS Act requires. There is a gray area around "rewards" if offered by affiliates, so design for conservative interpretations and clear disclosures. In Europe, if you operate e-money tokens for payments, you also need an e-money or payments license by March 2, 2026. That means separating issuance from payments, building audit trails first, and distribution second.