Original analysis grounded in primary data: regulation, RWA and infrastructure.
Three frameworks, one peg, and the design choices that will decide who issues where
MiCA, the GENIUS Act, and the UK's incoming FCA regime all demand 1:1 reserves and par redemption, but they split on interest, algorithmic designs, foreign-currency caps, and timing. The data suggests issuers face not one global rulebook but three philosophies arriving on a staggered clock between 2024 and October 2027.
22 May 2026