The National Association of Convenience Stores (NACS) has urged the U.S. Treasury Department and federal banking regulators to ensure open market access for stablecoin payments, arguing that digital tokens should be allowed to compete on equal terms with traditional card networks. The trade group’s letter, submitted this week, reflects growing pressure from the retail sector to diversify payment infrastructure and reduce transaction costs.
In its public filing, NACS said that retail merchants face persistent challenges from interchange fees and limited competition in digital settlements. The group emphasized that stablecoins, properly regulated and asset-backed, could introduce faster, lower-cost transactions and improved liquidity management for small and mid-sized businesses. NACS requested that regulators recognize stablecoin issuers and payment providers under a framework that promotes interoperability rather than restricting digital tokens to bank-only channels.
The letter follows the U.S. Treasury’s ongoing review of public comments on the GENIUS Act, a draft bill that seeks to define permissible activities for stablecoin issuers and custodians. NACS stated that a broad interpretation of the bill could unintentionally entrench existing card networks by preventing retail-focused payment firms from offering stablecoin-based services. The organization urged regulators to maintain technology-neutral oversight and to allow market-driven innovation in digital payments.
Industry analysts say the intervention highlights how payment-system reform has become a key issue for both fintech developers and brick-and-mortar retailers. By calling for an “open market,” NACS is aligning with a wider coalition of trade associations that have voiced similar concerns about anti-competitive effects if stablecoin issuance remains limited to federally chartered institutions. The group’s position mirrors earlier statements from financial-technology councils that view blockchain settlement as a potential backbone for real-time retail transactions.
NACS also noted that stablecoin frameworks must include transparency and reserve safeguards comparable to those applied to banks. It endorsed federal supervision to ensure that each token remains fully redeemable at par value, a measure seen as critical to maintaining consumer trust. However, it argued that regulation should not favor a specific category of financial intermediary. Instead, standards should focus on solvency, disclosure, and liquidity access across all payment participants.
The Treasury Department’s consultation process is expected to continue through the first quarter of 2026, after which proposed rules will be finalized. NACS and other trade bodies intend to participate in subsequent hearings to advocate for fair treatment of stablecoin payment providers. The outcome will determine how digital assets integrate into the broader U.S. payment ecosystem and whether competition between blockchain settlements and legacy networks can reshape transaction economics for merchants nationwide.
