Stablecoin Regulation Reshapes Corporate Finance

Digital dollars are reshaping how companies think about cash, and stablecoin regulation is fast becoming a core issue for corporate finance leaders.

Stablecoin regulation: from niche crypto to treasury talking point

Stablecoins are digital assets engineered to keep a steady value, usually pegged to and backed by the U.S. dollar or equivalent reserves. As a result, they are increasingly discussed alongside traditional cash instruments. However, many finance chiefs are still in exploration mode rather than execution.

The passage of the GENIUS Act has brought new regulatory clarity to these tokens in the United States. That shift has pushed stablecoins from a perceived crypto side-topic into mainstream treasury and corporate finance conversations, especially for multinationals that move large volumes of money across borders.

Tether, USDT and the scale of its balance sheet

A detailed Fortune feature, titled “Crypto giant Tether has $187 billion in assets, big plans for U.S. expansion—and a CEO who warns the West is heading toward social collapse,” highlights the scale of this market. The article includes an interview with Paolo Ardoino, CEO of Tether, the crypto firm that generated about $15 billion in profit in 2025.

According to that reporting, Tether has accumulated more U.S. Treasury bills than some large economies such as South Korea. Moreover, it holds notable amounts of Bitcoin and gold. This asset base underpins the companys flagship token, a dollar-backed stablecoin known as USDT, which is now deeply woven into global trading and payments flows.

The companys influence is reflected in how it has used USDT to help rewire parts of the global financial network. That said, this concentration also raises questions about counterparty exposure and reserves transparency, which remain central themes in ongoing policy debates.

Tether’s dominant market position

Fortune notes that Tether “dominates the sector, thanks in part to a first-mover advantage that has resulted in USDT becoming the go-to way for millions of people in developing countries to hold dollars.” This underscores how digital dollars have become a lifeline in markets facing currency instability or capital controls.

USDTs market capitalization stood at $187 billion as of early January, according to CoinMarketCap. Moreover, its daily trading volume exceeds that of all rival stablecoins combined. This is the case even though U.S. citizens, with limited exceptions, are not permitted to use Tethers coin under current policy constraints.

In the past two years, Tether has also begun to expand well beyond finance. The company has made large investments in satellites, data centers, farming, telecommunications, and media. However, these moves could draw additional regulatory and political scrutiny as the firm extends its reach into real-world infrastructure.

What growing scrutiny means for corporate finance

For chief financial officers, the Fortune profile offers a lens into how big stablecoin issuers are becoming systemic players. Moreover, it illustrates why stablecoin regulation is increasingly viewed as an issue intertwined with monetary policy, market structure, and corporate risk management.

Corporate leaders evaluating crypto treasury diversification must weigh potential benefits—such as faster settlement and 24/7 liquidity—against operational, compliance, and counterparty risks. That said, the evolving legal framework, including the GENIUS Act, is gradually defining the boundaries within which large issuers and institutional users can operate.

Early corporate experimentation and partnerships

Intuit CFO Sandeep Aujla is one prominent executive who has discussed leaning into stablecoins. He has pointed to a partnership with Circle as part of the companys exploration of new payment and treasury options, signaling growing interest in this technology among established software and fintech players.

Such initiatives suggest that corporate stablecoin adoption will likely proceed in stages, starting with limited use cases where the economics and controls are clear. However, as more rules are finalized and high-profile issuers like Tether continue to scale, CFOs will face increasing pressure to understand both the strategic opportunities and the attendant risks.

For now, the message to finance leaders is straightforward: even if your company is not ready to transact in stablecoins, it is time to track the issuers, legislation, and market structure shaping this fast-growing corner of digital finance.