Industry Insights
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Cross-Border Payments In 2025: A “Pivot” Year Rather Than Incremental Progress
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2025 didn’t deliver a single replacement for cross-border payments. It delivered something more consequential: a future where cross-border behaves like software infrastructure—composable, optimizable, and competitive.And that’s why it’s a pivot year, not incremental progress.
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Money, Trust, and Digital Payments: A Student Framework for Understanding Stablecoins
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The two-axis framework in this essay. One axis asks how physical or digital the money is. The other asks where trust comes from. Together, they show why digital money is not just a technology question.
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Gen Z and Digital Payments: Observations from a Student Perspective
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Generation Z grew up with smartphones and the internet as the default. For many U.S. high school students, paying with a phone, sending money to friends, and checking balances in apps already feel ordinary. This brief organizes first-hand observations from school life and peer conversations into: commonly used payment methods, reasons for preference, and…
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The Digital Coin with No Name: Legal and Constitutional Fault Lines in the GENIUS Act’s Stablecoin Framework
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By Mr. Young, Chairman of the Federal Money Services Business Association (FedMSB) — Author’s Note: This commentary is written for policymakers, regulators, and legal practitioners concerned with the long-term implications of the GENIUS Act’s approach to payment stablecoins. It explores the intersection of statutory construction, financial law, and constitutional doctrine with a view toward…
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Stablecoins Are Not “Innovation”—They Are the Digital Echo of Classical Monetary Regimes
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By Mr. Young, Chairman of the Federal Money Services Business Association (FedMSB) — As the GENIUS Act cleared the U.S. Senate, establishing a federal regulatory framework for stablecoins, many market commentators hailed it as a pivotal moment signaling the mainstream acceptance of crypto finance. Yet from the historical perspective of monetary systems, stablecoins do…