Fintech or Government Regulation? — A Perspective from Macromics

Stablecoins have evolved from a supplementary tool into a cornerstone of the digital economy. They are used in DeFi, cross-border settlements, and provide liquidity in crypto markets. Today, the question is not whether stablecoins are needed, but who will control them — private fintech companies or government regulators.

Fintech: Flexibility, Speed, Innovation
Projects like USDC, USDT, and Paxos have demonstrated that private companies are capable of launching robust digital assets, quickly adapting them to markets, APIs, wallets, and decentralized platforms.

Advantages:

24/7 availability;

Operational independence;

Flexible integration architecture.

The downside is legal uncertainty. Without licenses and oversight, issuers are exposed to regulatory risk.

Government Pressure and CBDCs
The US, EU, and China are moving toward tight control over stablecoin issuance. The EU has adopted the MiCA regulation, while the US is discussing mandatory licensing of issuers. China and India are betting exclusively on CBDCs, banning private stablecoins altogether.

While CBDCs currently lack the flexibility of private solutions, they offer an alternative for the public sector and B2B settlements.