The more stablecoins are used, the more hesitant U.S. regulators become: The future of the "Payment Stablecoin Act" remains uncertain

January 28 News, as stablecoins continue to rise in the global payment system, U.S. cryptocurrency regulation is at a critical crossroads. Bitwise Chief Investment Officer Matt Hougan recently stated that the U.S. crypto industry is facing an important turning point, and the uncertain prospects of the “Payment Stablecoin Act” could profoundly impact how digital assets are integrated into the mainstream financial system.

The core goal of the bill is to establish a clear legal framework for stablecoins pegged to fiat currencies. Legislators hope to enhance the security and transparency of crypto payments and provide banks, payment institutions, and businesses with a clearer compliance pathway. However, Hougan warned that some industry groups are reserved about the bill’s details, and disagreements could slow down the legislative process or even cause obstacles.

From a market perspective, opinions on the bill remain divided. Prediction platform data shows that the probability of the “Payment Stablecoin Act” becoming law by 2026 is slightly above 50%, reflecting that investors have not reached a consensus on the direction of U.S. regulation. This uncertainty also makes companies cautious about deploying large-scale stablecoin payment solutions.

Nevertheless, Hougan emphasized that even without clear legislation, stablecoins continue to drive the industry forward. Data shows that the annual trading volume of stablecoins has reached $33 trillion, widely used in cross-border payments, settlements, and fund dispatching, becoming an important bridge connecting traditional finance and the crypto ecosystem. Their speed, cost, and stability advantages are continuously attracting more genuine business demand.

For the industry, the uncertain outlook of the bill is both a challenge and a test. On one hand, companies expect clearer compliance boundaries; on the other hand, market innovation has not stalled, and payment tools and financial applications are still evolving. Hougan believes that regardless of how regulation progresses, stablecoins will continue to play a central role in digital payments.

Looking ahead, the direction of U.S. stablecoin regulation may become one of the key variables influencing the development of global crypto finance, and 2026 could be an important milestone in this process.