American Express Builds Stablecoin Team Amid GENIUS Act Rules

American Express is assembling a team to develop stablecoins and blockchain partnerships within its Digital Labs division. The company posted a job listing for a Vice President of Stablecoin and Blockchain Partnerships, which will pay between $176,750 and $282,000 per year.

The role, housed in New York, will be responsible for integrating stablecoins into Amex's payment rails and forging partnerships with token issuers, networks, and emerging commerce ecosystems. This move marks a shift from public commentary to internal development, as the company explores the potential of stablecoins.

Amex is not alone in its interest in stablecoins, with banks, fintechs, and card networks rushing into the space over the past year. The GENIUS Act, passed by Congress, established a federal framework for payment stablecoins and defined them as payment instruments rather than securities. Six federal agencies are now racing to publish implementing rules by July 18, after which issuers will have 120 days to comply.