... the US. Alongside Circle's initiative, a regulatory framework for stablecoins is being established in the US. The administration has issued an executive order on developing federal regulation for digital assets, and Congress is discussing stablecoin legislation that may establish reserve and licensing requirements for issuers. Clarity of rules in the US could significantly strengthen USDC's position, as Circle has initially adhered to transparency and compliance policies. Citi notes in its April report that regulatory certainty will allow for deeper integration of stablecoins into the financial system and expand their usage in payments. Thus, if a comprehensive ...

... Russian crypto market into the global economy. Potential market participants should carefully evaluate these risks before investing in the Russian crypto industry. Forecast for the Coming Year In the short term (up to one year), gradual progress in legislative and infrastructural initiatives related to the cryptocurrency market is expected. By the end of 2025, according to the Ministry of Finance's plans, rules for the experimental regime should be agreed upon — this will mark an important milestone. If approved, pilot trading ...

... regulations. In leading countries (the U.S., Western Europe, Singapore, Israel), there is relatively high predictability of legislation and investor rights protection, which reduces risks for unicorn companies. In countries with less developed legal ... ... are directly targeting the "growth" of large startups. For instance, the European Union launched the EIC ScalingUp initiative in 2023—a fund and accelerator program aimed at generating 120 new unicorns by 2027. South Korea has implemented ...

... regulations have been tightened (banning outdoor advertising by “alchemists” and esotericists), and laws restricting unscrupulous manufacturers are being discussed. Furthermore, since 2023, melatonin supplements have been withdrawn from pharmacies at the initiative of Rospotrebnadzor. Collectively, this means that the risks for issuers are linked not only to market competition but also to possible legislative surprises. Investors should consider “regulatory risks”—increasing administrative control may impact profitability and the speed of new product launches. On the other hand, in the long term, establishing order will improve market quality ...

... competitors to market-based stablecoins, their development psychologically confirms the importance of the phenomenon. Among private initiatives, along with Tether and Circle, stablecoins from large tech or financial companies are likely to solidify their positions.... ... investors who previously avoided USDT because of its "grey status" might start using it. The same applies to potential legislation on stablecoins in the US: while it may limit offshore players, it could also establish a standard of reliability. ...