Stablecoin Being Positioned as the New Global Financial Architecture Model

By W.B. King

Stablecoin is not a new concept in the financial services space, but for the last few years it has been a trend many credit union executives believed required a wait-and-see approach. In early June, Matera, a leading technology provider for financial services, announced a partnership with Circle, the global issuer of USDC [a regulated stablecoin backed by USD] through its regulated affiliates. Together the companies will offer a dollar-backed stablecoin. For credit unions looking to expand global reach, the wait may be over.

“We are ushering in a new layer of global banking infrastructure. Interoperability between stablecoins and local currency accounts is no longer a side project—it’s now at the heart of the financial system,” said Carlos Netto, CEO of Matera, which offers banks and credit unions solutions for core banking, instant payments, and QR code payments. The fintech is dually headquartered in São Paolo, Brazil and San Francisco. “This is a game-changer for banks and fintechs looking to operate globally with near-instant settlement and low costs,” Matera added.

The collaboration advances the concept of a “stablecoin-ready banking platform” that will build bridges between traditional and digital money, explained Daniel Mangabeira, vice president of policy and regulatory strategy, Brazil at Circle. Billed as “the most licensed stablecoin company in the world,” Circle is headquartered in New York City.

“Integrating USDC into Matera’s widely used technology will empower Brazilian financial institutions to make fast, cost-efficient, and transparent global payments,” Mangabeira said. “With USDC, it will be easier to access the global digital economy with a transparent digital dollar.”

More than just innovation, Mangabeira added that this partnership is the foundation of a “new global financial architecture—interoperable, inclusive, and readily available.”

A Stable Genius Act

In an early June advisory report, the Washington, D.C.-based law firm Arnold & Porter noted “the adoption by the U.S. Congress of stablecoin legislation is likely to become a reality in the coming weeks following action by the Trump administration to establish U.S. leadership in digital assets as a priority.”

The U.S. House of Representatives and the U.S. Senate, Arnold & Porter stated, continue to advance federal stablecoin legislation in two similar bills: the STABLE Act (or the Stablecoin Transparency and Accountability for a Better Ledger Economy Act of 2025, in the House) and the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins Act of 2025, in the Senate).

“These bills, which emerged on the basis of bipartisan support for federal regulation of the issuance of stablecoins, would serve to establish a novel federal regulatory framework for this particular form of digital asset,” the advisory report read.

“Financial institutions looking for new ways to engage with digital assets will find ample opportunities in the proposed bills. Both bank and nonbanks may want to consider becoming stablecoin issuers themselves, through stablecoin subsidiaries, utilizing the proposed regulatory framework as a new means of bringing funding into their institutions or serving customers in innovative ways,” the report continued. “Some banks, reportedly, are exploring participating in stablecoin consortiums. Other opportunities include tokenization of deposits and paying interest on such instruments; establishing a digital asset payment network or platform built around stablecoins; or creating a digital wallet service for customers.”

Rules of Engagement

According to the Netherlands-based Treasurup, as of Q1 2025, stablecoins, particularly USD-backed variants like USDT (Tether) and USDC (Circle), account for over 90% of stablecoin circulation with a total supply of USD 208 billion. Driven by broader adoption rates, analysts at Bernstein Research forecast that global stablecoin circulation could grow to nearly $2.8 trillion by 2028.

“The GENIUS Act and the STABLE Act would create a legal framework for stablecoins that are used for payments and would require stablecoin issuers to hold one-to-one reserves, publish regular audits, and follow clear rules to protect users,” noted Treasurup.

“The bulk of stablecoin use is currently still within the crypto capital markets, rather than in everyday payments. For domestic retail payments, stablecoins are not addressing an immediate need because of existing efficient payment methods,” Treasurup continued. “However, for cross-border payments, particularly in remittances and B2B transactions, stablecoins could potentially gain traction due to the inefficiencies of the current correspondent banking system.”