On May 19, Trump signed an executive order directing federal agencies and the Federal Reserve to review how depository institutions open payment services to crypto-related businesses. According to CoinDesk’s report, the order centers on “access to payment rails” — that is, whether crypto firms can connect to bank clearing and settlement systems, and under what conditions. This is the underlying infrastructure on which stablecoin issuers, crypto payment providers, and card issuers depend for daily operations. The order itself is not legislation; it is a policy directive requiring multiple agencies to initiate internal reviews.
What This Means for USDT Card Users
Bottom line first: this news does not directly touch the balance on your card, but it does affect “who can open US-route products in the future, and when.”
The chain behind a USDT virtual card looks roughly like this: you top up ₮ → the issuer converts it to fiat → it clears through Visa/Mastercard → the merchant receives payment. The critical bottleneck here is not Visa — it is whether the issuer’s banking partner (BIN sponsor) can maintain stable access to the US dollar payment system. That is precisely the layer Trump’s executive order is examining.
- US-route products are the most exposed. MPCard’s US Direct variant is currently suspended. The timeline for restoring that kind of direct-USD product will now depend even more heavily on the outcome of this review. Users who planned to apply for a US-route card are better off monitoring the status updates in the MPCard review than rushing to submit an application.
- Asia-Pacific routes are relatively insulated. If you use a card on an Asia-Pacific BIN — MPCard Asia Elite, RedotPay, Bybit Card, and similar — your everyday spending and subscription charges are not directly affected by this US executive order in the short term. Their clearing banks fall outside the direct reach of US regulatory action.
Expected timeline: within 7 days, no visible change — balances and charges proceed normally. Within 30 days, some USD-related products may quietly update risk-disclosure language in their terms pages. Within 90 days, if the review produces substantive conclusions, those findings will genuinely affect the pace at which new US-route cards become available.
Historical Comparison: This Is Different from 2023
Readers familiar with this space will recall the “Operation Choke Point 2.0” controversy in early 2023 — when several crypto-friendly banks (Silvergate, Signature) collapsed or exited the market, crypto firms’ banking channels contracted sharply, and fiat on-ramps for stablecoin issuers came under pressure. That episode was characterized by tightening: regulators adopted a clearly defensive posture toward crypto firms accessing payment infrastructure.
This time the direction is reversed. Trump’s executive order, issued under an administration that is broadly friendlier to crypto, directs the Fed to re-examine access rules — the subtext being closer to “why is access so difficult for these firms, and can it be relaxed?” The common thread between the two episodes is that both strike at the same pressure point: crypto firms’ access to banking and payment rails. The difference is that 2023 represented a de facto closing of doors, while 2026 represents a policy-level re-opening for review. For card issuers, the former was negative; the latter is neutral-to-mildly-positive. However, the review period itself introduces uncertainty, and issuers typically act conservatively until conclusions are reached.
Regulatory Boundaries: Where the Lines Are Now
Three layers are worth distinguishing:
- Clearly permitted: Under legislative frameworks such as the GENIUS Act, compliant stablecoins have an established legal pathway for issuance and circulation in the United States.
- Grey area: The specific conditions under which crypto firms can access the Federal Reserve’s payment systems — which is exactly what this executive order is reviewing. It is currently unclear who qualifies for a master account and who does not; no uniform standard exists.
- Unchanged: You, as an end user holding a card and making purchases, have never been the regulatory target of this type of order. It governs institutional-level access, not individual-level use.
If you want to explore US-related compliance details, see US Compliance Guide. Users who prefer to keep funds in jurisdictions with clearer regulatory frameworks often reference the Singapore Compliance Guide and Hong Kong Compliance Guide for comparison.
Key Milestones Worth Watching
- The Fed’s review timeline: Executive orders typically set a response deadline (commonly 90–180 days). Monitor the Federal Reserve’s Payment Systems page and official statements for updates.
- Stablecoin issuers’ banking partnership announcements: If Circle, Tether, or others announce new USD settlement banks — or have existing relationships revoked — those are the most direct signals.
- MPCard US Direct status changes: If the suspended US-route variant resumes or its timeline becomes clearer, that information will be reflected in the card data as soon as it is available.
- Master account policy specifics: If the Fed publishes concrete standards for crypto firms’ master account access, that effectively narrows the grey area described above.
Editorial Recommendations
- If you already hold an Asia-Pacific route card: no action needed. Day-to-day use of Asia-Pacific BIN cards — MPCard Asia Elite, RedotPay, Bybit Card — is unaffected by this US executive order. Continue topping up and spending as normal.
- If you are planning to apply for a US-route card: consider waiting 30 days. Before the Fed’s review direction becomes clearer and the status of USD products such as MPCard US Direct is updated, there is no reason to take on extra uncertainty just to have a “US-route” label. If you need a reliable option now, start with 5 Cards Worth Getting in 2026.
- What not to do: Do not assume that “Trump is pro-crypto” headlines mean US-route cards will reopen in large numbers in the near term. During a review period, issuers tend to act more conservatively, not more aggressively.
We will update this article when the review produces conclusions or when card issuers announce substantive changes to their banking partnerships. Card data refreshes hourly; the official status of US-route variants is reflected on each card’s official page.