Stablecoins—tokens pegged to fiat currencies like the US dollar—have emerged as the most commercially viable application of blockchain technology. This stability makes them useful for payments, particularly in international transactions where traditional banking rails are slow and expensive. The Genius Act provides regulatory certainty around these transactions by establishing reserve requirements, redemption rights and disclosure obligations for stablecoin issuers.
Banks can now launch their own stablecoins without fear of regulatory backlash, while corporates can use them for treasury management and supply chain finance. JPMorgan Chase has operated JPM Coin since 2019 for wholesale payments between institutional clients. The bank processes billions of dollars in transactions daily using the token, demonstrating that stablecoins can function as enterprise-grade payment infrastructure.
Other banks are following suit. Citigroup, HSBC and Standard Chartered have all announced plans to launch or expand stablecoin offerings, targeting corporate clients looking to streamline cross-border payments and working capital management. For PwC, this corporate adoption creates lucrative opportunities in audit, tax and advisory work.
Companies using stablecoins need accounting policies for token holdings, tax strategies for cross-border transactions and internal controls for digital asset custody—all areas where Big Four firms can provide expertise. The implications extend beyond payments. Tokenisation—the process of representing real-world assets like bonds, real estate or commodities as blockchain tokens—is gaining traction as financial institutions explore new trading and settlement infrastructure. If successful, tokenisation could reduce settlement times from days to minutes and lower the cost of issuing and trading securities.
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