CLARITY Act Spurs Global Stablecoin Push

A prediction market recently pushed the probability that the CLARITY Act will pass above 75%. The increased odds have coincided with a surge of stablecoin projects and regulatory work in the United States and abroad as banks, exchanges and payment firms reposition for on-chain payments and financial services.

The CLARITY Act would bring crypto exchanges under stricter oversight and impose anti-money-laundering rules comparable to those applied to banks. Supporters say the bill would provide clearer rules for issuers and trading platforms. President Donald Trump publicly backed the legislation and urged Congress to act: “The banks are hitting record profits, and we are not going to allow them to undermine our powerful crypto agenda that could otherwise move to China if we don’t get the CLARITY Act taken care of.”

Debate continues over stablecoin designs that pay interest. JPMorgan CFO Jeremy Barnum warned that allowing stablecoins to offer yield could create a parallel banking system without the prudential safeguards developed for traditional banks.

U.S. dollar-denominated stablecoins hold about $320 billion in market capitalization, roughly 12% of the roughly $3 trillion crypto ecosystem. Transaction volumes surpassed $800 billion in 2025. JPMorgan Global Research projects the market could expand to between $500 billion and $750 billion. A Chainalysis projection forecasts stablecoin volume reaching $719 trillion by 2035.

Institutional and payment companies are launching dollar tokens. Fidelity introduced a token named FIDD. Solana reported roughly $650 billion in stablecoin transactions in February 2026. Western Union has advanced a USD-pegged token called USDPT.

International regulators are responding. The European Central Bank highlighted stablecoin growth in Europe and urged policy action to preserve monetary sovereignty, citing clearer U.S. rules as a factor in accelerating work on euro-denominated tokens.

The CLARITY Act follows earlier U.S. digital-asset legislation, including the GENIUS Act. Lawmakers, firms and international authorities are weighing product risks, market growth forecasts and geopolitical implications as they shape policy.