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On May 26, 2025, our “Becoming GENIUS” blog outlined how onchain middleware could meet the new compliance demands of the GENIUS Act as it advanced through Congress. On June17, 2025, the Senate voted 68–30 to pass the bill, establishing the first federal framework for stablecoins and mandating 1:1 reserve backing, quarterly audits, anti-money laundering (AML) and know-your-customer (KYC) controls, on-demand redemptions, and custodial exit planning. With the bill passing to the House of Representatives and final House approval now anticipated, the industry’s eyes have shifted from anticipation to execution.
Circle completed its initial public offering (IPO) on June 5, 2025, raising $1.1 billion at a price of $31 per share. Its stock surged 168% on day one, underscoring public-market enthusiasm for exposure to a stablecoin issuer.Following Circle’s IPO, payment giant Stripe agreed to acquire crypto wallet provider Privy, strengthening its ability to embed onchain wallets within merchant experiences.
Traditional banks have also accelerated the advancement of internal blockchain programs and offerings. JPMorgan Chase announced a pilot of JPMD, its dollar-denominated deposit token, on Coinbase’s Base network. The pilot serves as an institutional-only initiative that transfers JPMD to Coinbase clients in real time. At the state level, Wyoming’s Stable Token Commission shortlisted Aptos and Sei, scoring them 32 and 30 points respectively, for itsWYST fiat-backed stablecoin pilot, marking the first U.S. state-issued token on public chains.
Industry groups are standardizing compliance. The StableToken framework initiative has convened leading issuers, custodians, and service providers to publish open-source standards for programmable, audit-ready money (StableToken,2025). Meanwhile, reports indicate that Walmart and Amazon are evaluating their own USD-pegged tokens, signaling that corporate adoption is shifting from a proof-of-concept to a strategic planning phase.
These milestones reflect a shift from speculative stablecoin experiments to programmable, compliance-native primitives. Circle’s IPO proved that high-growth token economics can align with audited reserves. Stripe’sPrivy deal embeds wallet functionality at the payment layer. JPMD demonstrates that banks can tokenize deposits on public rails. Wyoming’s pilot and theStableToken initiative enshrine regulatory requirements as protocol standards.Retailers exploring token issuance underscore that compliance is no longer optional; it must be an integral part of blockchain infrastructure.
Middleware solutions, such as the Foolproof Token and AMPED, demonstrate how onchain permissioning, verifiable identity, and programmable compliance can provide the guardrails that regulators demand without compromising composability. By internalizing policy rules into smart-contract logic, middleware makes “compliance-as-code” a foundational layer rather than a bolt-on service.
The GENIUS Act aligns closely with the European Union’s DigitalOperational Resilience Act, which took effect on January 17, 2025, imposing ICT risk management, incident reporting, resilience testing, third-party risk oversight, and information-sharing requirements on financial entities. Builders targeting global markets must therefore deliver stablecoin rails that satisfy both U.S. reserve backing mandates and EU operational resilience standards, a task ideally suited to composable middleware layers that enforce policy at the protocol level.
Stablecoin issuers must embed real-time proof-of-reserve, dynamic permissioning, and onchain governance to meet new federal and regional mandates. DeFi applications need seamless integration of identity oracles and compliance hooks to avoid regulatory friction. Fintechs and merchants should adopt middleware offering turnkey compliance modules rather than bespoke, error-prone integrations. Institutional participants, from banks issuing deposit tokens to asset managers tokenizing securities, must partner with middleware providers offering auditable, upgradeable logic instead of manual reporting workflows.
Foolproof remains committed to programmable permissioning and compliance middleware as the bedrock of post-GENIUS stablecoin infrastructure.By integrating regulatory requirements directly into smart contracts, we enable builders to deliver innovation with accountability, at scale, and in real-time.
Stablecoins have crossed the Rubicon from experimental assets to essential financial infrastructure. The next chapter belongs to those who can seamlessly integrate compliance, scalability, and programmability into every token transfer.
Bloomberg. (2025, June 11). Payment company Stripe to acquire crypto wallet provider Privy. Retrieved June 20, 2025, from https://www.bloomberg.com/news/articles/2025-06-11/payment-company-stripe-to-acquire-crypto-wallet-provider-privy
Bloomberg. (2025, June 17). JPMorgan to pilot deposit tokenJPMD on Coinbase-linked public blockchain. Retrieved June 20, 2025, from https://www.bloomberg.com/news/articles/2025-06-17/jpmorgan-to-pilot-deposit-token-jpmd-on-coinbase-linked-public-blockchain
Cointelegraph. (2025, June 21). Wyoming shortlists Aptos, Seifor WYST stablecoin pilot. Retrieved June 20, 2025, from https://cointelegraph.com/news/wyoming-stablecoin-pilot-aptos-sei
EIOPA. (2025, January). Digital Operational Resilience Act(DORA). European Insurance and Occupational Pensions Authority. RetrievedJune 20, 2025, from https://www.eiopa.europa.eu/digital-operational-resilience-act-dora_en
Reuters. (2025, June 17). U.S. Senate passes stablecoin regulation bill with 68–30 vote. Retrieved June 20, 2025, from https://www.reuters.com/technology/senate-passes-stablecoin-regulation-bill-2025-06-17/
StableToken. (2025). StableToken framework initiative.Retrieved June 20, 2025, from https://stabletoken.notion.site
Yahoo Finance. (2025, June 6). Circle jumps 168% in NYSE debut, marking largest crypto IPO. Retrieved June 20, 2025, from https://finance.yahoo.com/news/circles-jumps-168-nyse-debut-170234241.html
WSJ. (2025, June 18). Walmart and Amazon are exploring issuing their own stablecoins. The Wall Street Journal. Retrieved June 20, 2025, from https://www.wsj.com/finance/banking/walmart-amazon-stablecoin-07de2fdd