Investor (Kevin O’Leary) warns of a growing clash between traditional currency markets and the crypto industry.
According to him, international payment systems are attempting to hinder the adoption of stablecoin regulation, which could disrupt established cross-border transfer mechanisms.
Old Market and New “Threat”
Speaking at the Consensus 2025 conference in Toronto, Kevin O’Leary stated that traditional forex platforms fear losing control over the multi-trillion-dollar market. They profit from expensive and slow cross-border transactions, while regulated stablecoins could offer users a cheaper and faster alternative.
“The currency market is outdated, inefficient, and confusing. If regulators allow stablecoins into the game, it will become transparent and inexpensive,” he said.
According to him, this could lead to a complete transformation of the financial system.
O’Leary emphasized that the decisive step would be the adoption of the so-called Genius Act — a bill regulating stablecoins. According to his information, the U.S. Senate is prepared to vote on the bill by the end of May. After that, he claims, other jurisdictions such as Abu Dhabi, Switzerland, and the United Kingdom could join the process.
He noted that this is why financial corporations are currently conducting an aggressive campaign against the bill, trying to delay its passage.
Further Crypto Reform and Institutional Money
Senator Kirsten Gillibrand, speaking at a Coinbase event, confirmed that the new law will be an important step toward broader cryptocurrency regulation. According to her, the bill addresses topics such as consumer protection, bankruptcies, and ethical principles.
O’Leary added that regulatory clarity could open the crypto market to institutional capital measured in the trillions of dollars.
Current Stablecoin Market Volumes
According to CoinGecko data as of May 15, the total market capitalization of stablecoins is nearly $250 billion. Leading the market is Tether with its USDT token — around $150 billion. In second place is Circle with USDC — more than $60 billion.
According to estimates by Standard Chartered, the bill could increase the total issuance of stablecoins nearly tenfold — from $230 billion to $2 trillion by the end of 2028.
The Dollar Is Losing Ground in Stablecoin Backing
Earlier, Tether co-founder Reeve Collins stated that dollar-backed stablecoins still dominate the market, but new types of collateral are entering the game. He noted that the dollar has become a crypto reserve, but stablecoins backed by commodities, real estate, and other real assets could shift the balance of power.
According to Collins, the tokenization of real-world assets is already impacting the market and will shape its structure in the coming years.
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