Stablecoin adoption in the United States could rise sharply if issuers offered protections similar to bank accounts, according to a survey released by Visa on Tuesday. The findings land as companies prepare for the GENIUS Act, the federal stablecoin law whose rules are still being finalized ahead of an expected January 2027 effective date.
The survey tested how US consumers and businesses react to different protection packages for stablecoin issuers. Respondents showed materially higher willingness to hold and spend stablecoins when features resembling bank safeguards were present, such as clear redemption rights, reserve transparency and dispute processes. Without those features, familiarity remained high but usage lagged, particularly among people who hold stablecoins only to trade rather than to pay.
Visa’s argument is that trust, not technology, is the binding constraint. The rails already work: transfers settle in seconds and costs are low. What keeps mainstream users away is the absence of the assurances they get from a deposit account, and the survey suggests that closing that gap would convert a meaningful share of hesitant holders into active users.
The research also carries a competitive message for the industry. Issuers that move first on protections, before regulators strictly require them, could win the users that survey data says are waiting. That framing favors large, well-capitalized issuers with audited reserves over smaller operations competing mainly on yield or listing access.
Payment firms have run versions of this study before, and the results have been consistent: the people most interested in stablecoins for payments are also the people least equipped to evaluate an issuer’s reserves on their own. Protections act as a substitute for that diligence, which is why their absence shows up so clearly in stated willingness to adopt.
What the GENIUS Act changes, and what it does not
The Guiding and Establishing National Innovation for US Stablecoins Act sets a federal licensing framework for issuers. Under the law, approved issuers must back tokens with high-quality reserves and follow guidelines aimed at limiting illicit use. Finalized rules from key US financial agencies, including the Office of the Comptroller of the Currency, are still pending before the law’s effective date, expected in January 2027, and companies are positioning now for the regime that follows.
Two gaps will remain even after GENIUS takes effect. Stablecoins will not carry FDIC insurance, and holders will not get explicit fraud protection of the kind that covers unauthorized card transactions. Visa’s survey suggests consumers notice that difference. Bank-like protections short of deposit insurance, the research indicates, would still move adoption numbers.
The pending rulemaking covers the details that will decide how onerous compliance becomes: what counts as a high-quality reserve, how often attestations must be published, and how redemptions must be honored. Industry groups have lobbied for timelines that let existing products transition rather than reissue, and the agencies have given no firm date for the final text beyond the statutory effective window.
Europe moves the other way
While Washington finalizes its regime, European authorities are tightening theirs. On Tuesday, the European System of Central Banks called for changing MiCA rules that require stablecoins to hold at least 30 percent of reserves as bank deposits, or 60 percent for tokens designated as significant. The ESCB wants those requirements adjusted, arguing the current structure creates liquidity risks for banks holding stablecoin reserves.
The divergence matters for issuers operating on both sides of the Atlantic. A US regime built around reserve quality and disclosure, and a European one that routes reserves through bank balance sheets, will produce different compliance costs for the same token. Global issuers may end up structuring separate products for each market, as some already do with jurisdiction-specific listings.
| Region | Framework | Reserve requirement |
|---|---|---|
| United States | GENIUS Act, rules pending | High-quality reserves, no bank-deposit mandate |
| European Union | MiCA, in force since June 2024 | 30% in bank deposits, 60% for significant tokens |
The market the rules are competing for
Dollar-pegged tokens still dominate. USDC and USDT together account for a combined market capitalization of roughly $260 billion, and euro-denominated stablecoins remain a small fraction of that despite MiCA giving them a defined compliance path. Cross-border stablecoin flows have kept growing through the broader crypto downturn, with Visa and other payment firms tracking settlement volume as an indicator of real payment use rather than trading.
Competition is intensifying anyway. Revolut launched its euro-backed EURR token across the European Economic Area this month, issued through Bridge, a Stripe company, and 21 institutions including Bank of America, Citi and Goldman Sachs have announced plans for a joint stablecoin. Each new entrant assumes the regulatory questions will settle in favor of compliant products, which is what Visa’s survey data is arguing.
For Visa, the commercial interest is direct. The company processes stablecoin settlement for issuers and sees payment volume as the prize. A survey arguing that protections drive adoption doubles as a case for regulated issuers building on existing card rails rather than bypassing them with direct onchain wallets.
The unresolved question is timing. Issuers cannot launch under GENIUS until agencies publish final rules, and several have said they are holding products back until then. If the January 2027 date holds, the first regulated wave of US stablecoin launches should arrive early next year, and Visa’s data suggests the ones offering bank-grade assurances will start with an advantage over those competing on price alone.