PwC ramps up crypto services after US stablecoin law

PwC has shifted to a more active role in cryptocurrency services in the US following recent regulatory changes under the Trump administration.

Paul Griggs, who became PwC’s US senior partner in 2024, said the firm changed its approach after new laws like the Genius Act and updated rules for stablecoins were introduced.

The Genius Act, signed by President Trump in July, brought the first US regulations for tokens pegged to assets such as the US dollar and could allow banks to issue their own digital assets.

Recent policy shifts have led PwC to offer more audit, tax, and consulting services to digital asset companies.

🔗 Source: Financial Times

🧠 Food for thought

Implications, context, and why it matters.

Genius Act set a federal stablecoin framework; details remain open

Congress passed the Genius Act in 2025 1 and set a federal framework for payment stablecoins (digital tokens designed to maintain a stable value). Its impact depends on upcoming rules and oversight.
The Federal Reserve said banking effects depend on how issuers hold reserves 2. Choices include bank deposits, Treasury bills, or money market funds, which change deposits and liquidity risk.
Banks such as U.S. Bank created digital asset groups for stablecoin issuance and related services 3. Plans may shift once agencies finalize specifications for operating rules and competition in tokenized payments (payments conducted using blockchain-based tokens).

Banks building stablecoin rails open doors for compliance and custody vendors

Talks on a cooperative stablecoin project began in 2025 4. Participants include JPMorgan Chase; Bank of America; Citigroup; Wells Fargo. U.S. Bank formed a new digital assets organization led by a 20-year payments veteran 3.
Banks will need vendors for custody (secure storage of digital assets), Anti-Money Laundering/Know Your Customer (AML/KYC) systems, and attestation (third-party verification) platforms 4. They also need reporting tools and settlement infrastructure to meet Genius Act transparency and capital rules, creating openings for business-to-business (B2B) fintechs and enterprise software providers.
Technology investors and fintech operators can target banks with public stablecoin programs 3 4. These banks will seek third-party tools for regulatory reporting. They also need reserve management plus interoperability with payment rails (payments networks) such as FedNow (the Federal Reserve’s instant payments service) and Real-Time Payments (RTP).