The absence of stableecoin regulation in the United States is one of the most important obstacles to adoption, S&P Global Ratings said in a Wednesday report.

“The lack of regulation is one of the most important obstacles to stableecoin resolution in the United States and has prevented a wider institutional adoption of stableecoins,” analysts led by Mohamed Damak wrote.

S&P said it expects the adoption to grow when regulation is in place.

Stableecoins are cryptocurrencies whose value is bound to another asset, such as the US dollar or gold. They play an important role in cryptocurrency markets and are also used to transfer money internationally.

New rules come. Senate’s guidance and the establishment of the National Innovation for US StableCecoins (Genius) Act mandates Federal regulation for stablecoins with a market capital of more than $ 10 billion with the potential for state regulation if it is in accordance with federal rules. The House of Representatives, Stable ACT calls for state regulation without any conditions.

Some users are expected to move from unregulated to regulated stablecoins when a framework is in place, the report says, and this can change the landscape of the industry.

“Stableecoins will play an increasingly important role in transactions on chain,” wrote the authors, protecting users’ savings from “local monetary instability in new markets” or to receive payments.

Wall Street Bank JPMorgan (JPM) said Tether, who is issuing the market leader USDT, could face challenges from the proposed US StableCOin rules, in a report last week.

Read more: Tether may have to sell some Bitcoin to comply