If you pay for international services using USDT or USDC, news from the US concerns you directly. The Blockchain Association, a major industry organization, has called on regulators to create special, tailored KYC rules specifically for stablecoin issuers. This isn't just bureaucratic fuss: how these rules are shaped will determine how easy it is for all of us to use stablecoins in everyday payments.
What's the proposal about
The Blockchain Association believes that universal KYC requirements designed for traditional banks are a poor fit for stablecoins. Instead of forcing issuers like Tether or Circle to follow the same procedures as banks, the association proposes developing separate rules that account for the specifics of digital assets. This should balance innovation, privacy, and practicality.
What this means for USDT and USDC users
If regulators listen, we could see more flexible and faster verification processes. Currently, working with crypto payments often involves multi-step identity checks, slowing down payments for subscriptions or transfers. This is especially relevant for transfers on TRC-20 networks, where fees are lower and speeds are higher than on ERC-20. Less bureaucracy means faster transactions and fewer extra fees.
Practical angle
For users of virtual cards and crypto payments, this could mean that in the future it becomes easier to legally use stablecoins for everyday spending. But for now, it's just a proposal—it's important to keep an eye on regulatory developments to avoid missing changes in the rules for using USDT and USDC.
Disclaimer: This information is not financial advice. Cryptocurrencies are volatile, and regulations may change.
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