El caso estratégico para invertir en la infraestructura de liquidación de stablecoins

The financial landscape is undergoing a seismic shift as banks and regulators align to integrate stablecoin settlement infrastructure into the core of global finance. By 2025, stablecoins-digital tokens pegged to fiat currencies-have evolved from speculative assets to foundational tools for cross-border payments, treasury operations, and real-time settlements. This transformation is driven by two critical forces: regulatory clarity and bank-led innovation. For investors, the convergence of these trends presents a compelling opportunity to capitalize on a sector poised for exponential growth.

Regulatory Clarity: The Bedrock of Institutional Adoption

The U.S. GENIUS Act, enacted in May 2025, has been a game-changer. By mandating full reserve backing, transparency, and consumer protections, the law has created a structured framework for stablecoin issuance and settlement. This regulatory clarity has alleviated long-standing concerns about financial stability and money laundering, enabling banks to participate confidently. Similarly, the European Union's MiCA (Markets in Crypto-Assets) regulation, effective since 2024, has harmonized standards across member states, fostering cross-border interoperability. These frameworks are not merely legal safeguards-they are catalysts for innovation.

For instance, the GENIUS Act explicitly allows banks to issue fully collateralized digital tokens redeemable through member institutions, ensuring that stablecoins remain tethered to traditional financial systems while offering programmable money solutions. This alignment with existing infrastructure reduces friction for adoption, making stablecoins a natural extension of legacy systems rather than a disruptive alternative.

Bank-Led Innovation: From Experimentation to Execution

Major U.S. banks are no longer passive observers in the stablecoin space. JPMorgan Chase, Bank of America, and Citigroup have all advanced initiatives that underscore their strategic commitment to digital money integration.

• JPMorgan Chase has expanded its JPM Coin platform to support euro-denominated payments, with Siemens as its first corporate client. The bank also forecasts the stablecoin market growing to $500–750 billion in the coming years, driven by demand for faster cross-border transactions.
• Bank of America has signaled its intent to launch a dollar-backed stablecoin once regulatory frameworks are finalized, with CEO Brian Moynihan emphasizing the need to "stay ahead of the curve" in digital finance.
• Citigroup is investing in stablecoin infrastructure firms and developing tokenized deposit services, targeting underbanked markets where traditional systems lag.

These initiatives are not isolated experiments. They reflect a coordinated effort among banks to reclaim market share from fintechs and blockchain-native platforms. For example, Visa's cross-border payment pilot in October 2025 demonstrated how stablecoins could reduce settlement times from days to minutes, leveraging blockchain's efficiency while adhering to regulatory guardrails.

The Strategic Imperative: Efficiency, Liquidity, and Global Reach

Stablecoin settlement infrastructure offers banks three key advantages:
1. Speed and Cost Efficiency: By bypassing traditional correspondent banking networks, stablecoins enable near-instant settlements at a fraction of current costs. This is particularly valuable for remittances and B2B transactions, where speed and transparency are critical.

1. Liquidity Management: Tokenized stablecoins allow banks to optimize capital allocation. For example, BNY Mellon's partnership with Circle to facilitate USDC creation and redemption has streamlined liquidity for institutional clients.
2. Global Expansion: In emerging markets with underdeveloped banking infrastructure, stablecoins provide a bridge to financial inclusion. Citigroup's focus on tokenized solutions for cross-border commerce highlights this potential.

Regulatory Alignment: Mitigating Risks, Enhancing Trust

Critics argue that stablecoins could destabilize traditional banking by displacing deposits or enabling regulatory arbitrage. However, the GENIUS Act and MiCA address these risks head-on. For instance, the U.S. law requires stablecoin issuers to maintain one-to-one reserves and publish regular audits, ensuring transparency. Similarly, the Bank for International Settlements (BIS) has emphasized the role of tokenization in creating integrated financial systems, where messaging, reconciliation, and asset transfer operate seamlessly on a unified ledger.

Banks are also proactively addressing compliance challenges. JPMorgan's Onyx division, for example, has developed production-grade systems with advanced AML/KYC tools, ensuring that stablecoin transactions meet regulatory standards. This focus on compliance is critical for institutional adoption, as it mitigates reputational and legal risks.

The Investment Thesis: A Sector in Motion

For investors, the case for stablecoin settlement infrastructure is clear. The sector is supported by:
- Regulatory tailwinds: The GENIUS Act and MiCA have created a predictable environment for innovation.
- Institutional momentum: Major banks are allocating resources to develop proprietary or collaborative stablecoin projects.
- Market demand: Cross-border payments alone represent a $170 trillion market, with stablecoins offering a scalable solution.

While specific investment figures for JPMorgan, Bank of America, and Citigroup remain undisclosed, their strategic moves signal significant capital allocation. Moreover, the BIS's vision of a tokenized monetary system, integrating central bank reserves and commercial bank money, underscores the long-term potential of this infrastructure.

Conclusion: A New Era of Financial Infrastructure

Stablecoin settlement infrastructure is no longer a speculative bet-it is a strategic imperative for banks and a high-conviction opportunity for investors. As regulatory frameworks mature and institutional adoption accelerates, the sector is poised to redefine global finance. For those seeking to align with the next generation of financial infrastructure, the time to act is now.