Passed in Washington on July 18, 2025, the Genius Act marks a milestone in U.S. regulation of digital currencies, establishing the first federal framework for stablecoins—cryptocurrencies pegged to the dollar. Backed by Republicans and supported by Donald Trump, the law aims to strengthen the dollar’s dominance in global digital transactions while positioning the United States as a leader in a sector still seeking legitimacy.
Unlike volatile cryptocurrencies such as bitcoin or ether, stablecoins maintain their value by being backed with dollar reserves, making them attractive for fast payments, cross-border transfers, and decentralized finance. The Genius Act sets out rules on transparency, reserve management, and oversight, aiming to provide clarity and stability to the sector.
Its impact will reach far beyond U.S. borders. In many emerging markets, stablecoins have already become a practical alternative to local currencies weakened by inflation or exchange controls. Morocco is a notable case: despite a ban on cryptocurrencies since 2017, nearly six million people use them informally. Bank Al-Maghrib is currently working on a crypto-assets law and testing an e-dirham, suggesting that the debate is gaining momentum. The U.S. regulatory model could accelerate this shift—but it also raises challenges.
One of the biggest stakes for Morocco lies in remittances from citizens abroad, which totaled $11.8 billion in 2023—around 8% of GDP. Sending $200 to the MENA region still costs about 6% on average, well above the UN’s 2030 target. Blockchain-based solutions like Bitso have already reduced U.S.-Mexico transfer fees to under 1%, and U.S.-approved stablecoins could speed up similar changes.
However, such developments could reduce the need to convert foreign currency into dirhams, cutting net foreign exchange inflows. The Treasury would also have to manage potential liquidity pressures if large withdrawals occurred. Without a domestic regulatory framework, authorities risk losing visibility over these flows, making tools like licensed digital wallets essential.
Traditional money transfer operators may also be hit hard. With stablecoins offering speed, low cost, and now regulatory backing, companies such as Western Union or MoneyGram could see their rural market share shrink, especially if digitization increases financial exclusion in areas with limited internet access.
Globally, the shift is already underway. Cross-border payments reached $194.8 trillion in 2024, with $40 trillion outside interbank transactions. Stablecoins still represent a tiny slice of that, but their potential is massive—projected to reach $16.5 trillion in the coming years, largely in B2B trade. Stripe, which acquired Bridge in 2024, and MoneyGram, a partner of USDC, are betting heavily on the growth, with stablecoin transaction volumes hitting $5.7 trillion in 2024 and $4.6 trillion in just the first half of 2025.
By giving crypto firms a clear legal framework, the Genius Act provides the stability they need to grow while reducing regulatory risk—a step that many countries, Morocco included, may soon find impossible to ignore.
