How do cards, phone apps, and crypto move money, and who makes rules?
Research question: How does each internet-era payment method, from bank ledgers and card networks to e-money, mobile payments, cryptocurrencies, and stablecoins, create and transfer value, what does the evidence show about how reliably each one records and settles those transfers, and how are these systems regulated a
The records show that mobile money and banking platforms let users move funds between phones and pay bills without visiting a branch 3, and digital systems support real-time payments that reduce the time and expense of cash transactions 5. Stablecoins are designed to hold a stable value against a specified asset or pool of assets 1, while price volatility makes other crypto assets poor candidates for a store of value or a means of payment 2. In the US, the GENIUS Act sets how entities may legally issue payment stablecoins through licensed Permitted Payment Stablecoin Issuers 7, and it lets states license issuers with outstanding issuance up to $10 billion if their regime is substantially similar to the federal framework 9. The FDIC proposal would treat stablecoin reserves as corporate deposits without pass-through insurance for holders 10, while a tokenized deposit on a digital ledger can be insured if it meets the statutory deposit definition 11. The verified facts do not address bank ledgers, card networks, or e-money, and they contain no comparative evidence on how reliably each method records and settles transfers; the newest fact is dated April 2026 13, about six months before October 2026.
Sources
"Stablecoins are a category of crypto assets that aim to maintain a stable value relative to a specified asset or to a pool of assets, such as sovereign currencies. In this way, they are designed to address the problem of volatility in the prices of crypto assets"Taxing Stablecoins (2023)
"price volatility generally makes these assets poor candidates to be a store of value and is one of the main impediments against their more widespread adoption as a means of payment."Taxing Stablecoins (2023)
"They allowed people to conduct financial transactions, move money from one mobile phone to another, pay bills, and access financial services, all without having to go to a physical bank branch, using mobile technology that was widely adopted."Economic Impacts of Digital Payment Adoption in Emerging Markets (2020)
"The digital payment ecosystems in emerging markets today are comprised of a variety of technologies, such as mobile wallets, internet banking, unified payment interfaces, digital lending platforms, and blockchain-based financial services."Economic Impacts of Digital Payment Adoption in Emerging Markets (2020)
"Digital payment systems facilitate real-time payments, automated payment handling, and secure financial transactions, minimizing the time and expense of handling cash payments."Economic Impacts of Digital Payment Adoption in Emerging Markets (2020)
"Governments and central banks also had an important role in enacting policies promoting digital financial inclusion and cashless transactions. The initiatives that included electronic payment for government services, welfare distribution and tax collection further boosted the adoption rate."Economic Impacts of Digital Payment Adoption in Emerging Markets (2020)
"The GENIUS Act defines the manner in which an entity can issue a payment stablecoin to a person within the US."US Stablecoin Regulation: GENIUS Act Implementation and Key Proposals
"A narrow stablecoin framework, where access to central bank reserves is extended to stablecoin issuers, would foster competition between payment service providers and mitigate many of the remaining risks."Narrow stablecoins: Redemption, runs, and risk (2026)
"The GENIUS Act authorized states to license and regulate payment stablecoin issuers with an outstanding issuance of not more than $10 billion"US Stablecoin Regulation: GENIUS Act Implementation and Key Proposals
"therefore would not offer pass-through insurance coverage to stablecoin holders."US Stablecoin Regulation: GENIUS Act Implementation and Key Proposals
"Deposit insurance is technology neutral, and therefore tokenized deposits can be an insured deposit if they meets the statutory definition of deposit under 12 USC 1813(l)."US Stablecoin Regulation: GENIUS Act Implementation and Key Proposals
"Partial collateralization with bank reserves minimizes the costs of this proposal with few additional tradeoffs."Narrow stablecoins: Redemption, runs, and risk (2026)
"The financial agencies must finalize each of the six rules proposed to date."US Stablecoin Regulation: GENIUS Act Implementation and Key Proposals
"Common arguments related to market concentration or monopoly in the stablecoin market do not conform to basic microeconomic theory or current evidence."Narrow stablecoins: Redemption, runs, and risk (2026)