Project XBY

North America · GDP rank #1

United States

US · USD @ 1.0000/USD

The world's largest card market remains stubbornly fragmented on rails: FedNow, RTP, Zelle and Nacha ACH compete where most peers run a single national instant scheme. Interchange revenue underwrites a rewards arms race that is now at structural risk from the 2024 CFPB §1033 open-banking rule and the GENIUS Act stablecoin framework, which entered OCC and Treasury rule-making during early 2026.

Tab 08

Pulse

The preceding ~90 days of macro, regulation, product, funding and milestone events. Each item is primary-sourced; no trade-press echo.

  1. 11 days agoregulation

    Senate Banking takes up stablecoin yield markup language

    Senator Tillis and Senator Alsobrooks signalled May markup of language permitting payment of yield on payment stablecoins, a carve-out the GENIUS Act explicitly excluded. The debate pits banks (deposit-substitution concern) against issuers and exchanges (parity with money-market funds).

    • #stablecoins
    • #genius-act
    • #congress
    • #yield

    Source: Congress.gov

  2. 4 weeks agoregulation

    OCC issues NPR implementing GENIUS Act for federally chartered issuers

    The Office of the Comptroller of the Currency released its notice of proposed rulemaking on payment stablecoin issuance by national banks, federal savings associations and federal branches. Comment period runs through summer 2026; final rules expected late 2026.

    • #occ
    • #genius-act
    • #stablecoins
    • #regulation

    Source: OCC

  3. 2 months agoregulation

    CFPB §1033 compliance tier 1 goes live

    The CFPB's Personal Financial Data Rights rule took effect for the largest bank tier on 1 April, requiring machine-readable consumer data access on demand. The Bank Policy Institute's legal challenge is pending in the Fifth Circuit; a stay was denied in March.

    • #cfpb
    • #open-banking
    • #regulation

    Source: CFPB

  4. 2 months agodata

    Fed staff note: stablecoins materially cheaper than card rails for cross-border B2B

    A Federal Reserve FEDS Note quantified stablecoin cross-border payment cost savings relative to correspondent banking and card cross-border. The work stops short of policy recommendation but is being cited by GENIUS-Act implementers as the empirical basis for federal acceptance.

    • #federal-reserve
    • #stablecoins
    • #cross-border
    • #research

    Source: Federal Reserve

  5. 3 months agoregulation

    Treasury, FinCEN and OFAC issue joint proposed rule on stablecoin illicit-finance

    Treasury proposed coordinated FinCEN and OFAC rules implementing the GENIUS Act's illicit-finance provisions for permitted payment stablecoin issuers. The rule expands BSA programme requirements and clarifies sanctions screening obligations for self-hosted wallet interactions.

    • #treasury
    • #fincen
    • #ofac
    • #stablecoins

    Source: US Treasury

  6. 3 months agom&a

    Ramp raises US$750M at US$16B valuation

    Corporate card and spend-management startup Ramp closed a Series E led by Founders Fund, nearly doubling its 2024 valuation. The raise reflects a sharp bifurcation in the 2026 US fintech market between infrastructure leaders and consumer-facing names that remain capital-constrained.

    • #ramp
    • #funding
    • #corporate-cards

    Source: Reuters