As the United States inches closer to enacting its most comprehensive stablecoin legislation to date, a new report from blockchain analytics firm Nansen suggests that Coinbase, along with PayPal and Visa, could emerge as key beneficiaries under the proposed STABLE Act.
The legislation, which passed the U.S. House Financial Services Committee on April 2, aims to establish a regulatory framework for stablecoins that emphasizes consumer protection, financial transparency, and stronger U.S. dollar dominance in digital markets.
STABLE Act: A Regulatory Watershed
The STABLE Act (Stablecoin Transparency and Accountability through Bank-Level Examination) introduces strict requirements for issuers, including:
- 100% reserve backing in U.S. dollars or U.S. Treasuries
- Prohibition of interest payments on stablecoin holdings
- Licensing requirements through federal or approved state regulatory bodies
Only entities such as federally regulated banks, state-chartered trust companies, or firms overseen by the Office of the Comptroller of the Currency (OCC) will be permitted to issue stablecoins under the Act.
These criteria could create a regulatory moat favoring firms that are already well-aligned with compliance and transparency standards.
Coinbase Leads the Pack
At the top of Nansen’s list of potential winners is Coinbase, which plays a central role in the distribution and promotion of Circle’s USDC stablecoin. USDC is among the most transparent and regulator-friendly stablecoins in the market, already adhering to rigorous standards—including compliance with the EU’s MiCA regulations.
“USDC is already aligned with what U.S. regulators are looking for,” the report notes, highlighting Coinbase’s robust infrastructure and regulatory posture.
With deep institutional ties and one of the most widely trusted brand names in U.S. crypto, Coinbase is well-positioned to take advantage of any competitive shakeup that follows the STABLE Act’s passage.
PayPal and Visa Eye Strategic Expansion
PayPal is also listed as a strong contender. While its PYUSD stablecoin, launched in partnership with Paxos, currently holds a modest 0.38% share of the stablecoin market, Nansen suggests that PayPal could easily expand that reach by leveraging its massive user base and payment network once the regulatory landscape becomes clearer.
Visa and Mastercard, meanwhile, are quietly laying the groundwork to integrate stablecoins into their global payment rails. Visa has already piloted USDC-based settlements, a move that could make stablecoin adoption seamless for both merchants and consumers in the near future.
Who’s Left Out?
Curiously, USD1 a stablecoin recently issued by World Liberty Financial, which has ties to the Trump political orbit—was not listed among Nansen’s likely winners. Despite meeting technical requirements under the STABLE Act, Nansen emphasized the importance of ecosystem strength, suggesting that isolated or politically linked stablecoins may struggle to compete with incumbents that have broader integration across financial and payment platforms.
Final Thoughts
The STABLE Act marks a pivotal shift in the U.S. approach to digital asset regulation, signaling a preference for regulated, institutionally supported stablecoin frameworks. In this environment, compliance becomes a competitive advantage and companies like Coinbase, PayPal, and Visa are already ahead of the curve.
As federal lawmakers work toward final passage of the bill, the balance of power in the stablecoin market may be reshaped in favor of those who are already playing by the (soon-to-be official) rules.
