The rapid development of stablecoins is reshaping discussions around the future of digital payments. With the passage of the Genius Act in 2025, signed by President Donald Trump, the regulatory landscape for stablecoins has shifted dramatically, opening the door for financial institutions, merchants, and payment providers to explore their role in commerce. At the forefront of this conversation is ACI Worldwide, a leading global payments software and technology provider.
In an exclusive interview, ACI Worldwide’s Chief Strategy and Growth Officer Philip Bruno discussed how clients are approaching stablecoins, where adoption may first appear, and how regulations will define their growth. This article breaks down the key takeaways and places them in the broader policy and market context.
Stablecoins and Consumer Adoption
Although many payment systems already provide efficient solutions, stablecoins could bring unique benefits to specific consumer segments. According to Bruno, the earliest adoption is likely in cross-border payments, particularly in regions with volatile currencies or low liquidity.
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Gig economy and mobile workers: Employers may start using stablecoins to pay globally mobile workers who require quick, borderless, and low-cost settlements.
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Viral adoption through distribution channels: Similar to how small businesses drove Cash App adoption, stablecoins could spread when companies begin pushing them to customers or employees.
The first wave of consumer exposure will likely come not from direct retail payments but from distribution-driven use cases, where businesses or payment platforms integrate stablecoins as part of their services.
U.S. Market Response and Regulatory Shifts
For now, mainstream U.S. consumers remain content with existing payment options. Bruno emphasizes that U.S. companies are asking whether they truly “need” stablecoins today.
However, the regulatory environment has undergone a marked transformation:
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Pre-2025: Regulators were skeptical, often discouraging stablecoin adoption due to risks of fraud, instability, and lack of oversight.
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Post-Genius Act: A regulatory framework now provides clearer rules, creating room for early adopters. Bruno projects that the second half of 2025 will see larger institutions experimenting under this new regime.
From a policy perspective, the Genius Act aims to encourage innovation under structured oversight, ensuring stablecoins are not left to unregulated growth while maintaining U.S. competitiveness in digital finance.
Market Structure and Global Role of Stablecoins
Stablecoin adoption mirrors the growth pattern of digital payments networks: multiple players at first, consolidating to a few dominant networks over time.
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Consolidation trend: Bruno predicts that only three to five stablecoin networks may ultimately dominate, driven by scale and interoperability.
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Government role: Some governments may launch their own stablecoins to reinforce monetary sovereignty, while in more market-driven economies, private players are expected to lead adoption.
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Impact on the U.S. dollar: A dollar-backed stablecoin is likely to strengthen rather than weaken the dollar’s role as the global reserve currency. Stablecoins, in this sense, function as an extension of the U.S. currency rather than a competitor.
The Question of CBDCs and Institutional Use Cases
While the Federal Reserve has refrained from pursuing a central bank digital currency (CBDC)—with Trump explicitly opposing it—Bruno notes that the Fed traditionally allows markets to innovate first. If issues arise, policymakers may revisit CBDC discussions in the future.
At the institutional level:
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Large financial institutions and mega merchants are evaluating whether stablecoins are necessary for their business models.
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Most companies, however, are not aiming to launch their own coins. Instead, they are exploring specific use cases, asking:
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Which business lines benefit from stablecoins?
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Which customers would demand them?
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Where are the clearest cost savings or efficiencies?
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The result is a cautious but active evaluation process, with firms balancing innovation, compliance, and risk management.
Summary
Stablecoins are no longer a fringe idea—they are entering the mainstream of financial strategy, driven by regulatory clarity under the Genius Act. According to ACI Worldwide’s Philip Bruno, their first major consumer use cases will appear in cross-border transactions, gig economy payments, and distribution-led adoption models.
The U.S. market remains cautious, but the new regulatory environment encourages innovation under oversight. Over time, the stablecoin market is likely to consolidate into a few dominant players, with governments and private companies both shaping standards. Importantly, dollar-backed stablecoins could reinforce, rather than undermine, the U.S. dollar’s global dominance.
While the Fed remains hesitant on CBDCs, stablecoins will continue to evolve, offering both opportunities and challenges for institutions, consumers, and policymakers alike. The question is no longer whether stablecoins will impact payments—but how, where, and how soon.
