Global Markets Analyst The Financial System Implications of Payment Stablecoins (Zu/Marshall) Bill Zu +1(212)357-8230 | bill.zu@gs.com Goldman Sachs & Co. LLC 25 July 2025 | 10:09AM EDT The Financial System Implications of Payment Stablecoins Recent US legislation has increased market participants' focus on stablecoins. Specifically, the GENIUS Act sets out a regulatory framework for defining, managing, custodying, and issuing payment stablecoins (see here for more details on the regulatory backdrop). A key ...