From Crypto to Checkout

The Senate sets stablecoin rules with the GENIUS Act, Fiserv builds crypto rails, and Block brings bitcoin to the register—while the FTC cracks down on cross-border payment abuse.

Welcome to Today in Payments, I’m your host, Patti Murphy, here with your weekly dose of payments notes.

Senate Passes Stablecoin Bill; Fiserv Prepares for Crypto Payments

The U.S. Senate has passed the GENIUS (Guiding and Establishing National Innovation for U.S. Stablecoins) Act, which establishes a regulatory framework for stablecoins—cryptocurrencies pegged to fiat currencies like the U.S. dollar. Similar legislation is pending in the House, and if passed, both versions would be reconciled before reaching the president’s desk.

The GENIUS Act sets clear regulatory guardrails, including requirements for full reserve backing, monthly audits, and anti-money laundering compliance. It also broadens the scope of potential stablecoin issuers to include banks, fintechs, and even large retailers. Amazon and Walmart are reportedly developing plans to issue stablecoins to reduce card processing fees and shift transactions to lower-cost rails, according to The Wall Street Journal.

Meanwhile, Fiserv is laying the groundwork to support stablecoin and crypto payments. CEO Mike Lyons shared during the Baird Global Consumer, Technology and Services Conference that retailers are driving demand for cheaper payment alternatives to interchange.

Block to Roll Out Bitcoin Payments on Square

Block Inc., parent of Square, announced it will launch bitcoin payment acceptance for merchants later this year. The service will use Bitcoin’s Lightning Network to enable fast, low-cost transactions. At checkout, customers will simply scan a QR code, while Square handles exchange rates, confirmations, and behind-the-scenes crypto complexities.

This expansion builds on Square’s Bitcoin Conversions feature and is part of Block’s broader bitcoin ecosystem, which includes the Cash App, Bitkey wallet, mining solutions under Proto, and open-source initiatives through Spiral.

FTC Bans UK Processor from Tech-Support Telemarketing

The Federal Trade Commission has permanently banned U.K.-based Paddle.com Market Limited and its U.S. subsidiary from processing payments for tech-support telemarketers. The company will also pay $5 million to compensate affected consumers.

The FTC alleges that Paddle facilitated access to the U.S. card network for deceptive foreign operators, many of whom targeted older Americans with fraudulent schemes.

That’s all for Today in Payments. Stay tuned for your weekly dose of payments notes.