According to a recent interview with Bloomberg, David Sachs said he is the White House cryptocurrency emperor. Stablecoins have become more popular in recent years. Sacks cites Citi’s estimate that the market for this type of asset could grow to $3.7 trillion by 2030.
Are Stablecoin Cryptocurrencies set up to dominate?
Stablecoins have become an integral part of the crypto industry. The genius act reached milestone approval in the US Senate Thursday. The law cleared the Senate floor with 68-30 votes. This law will move you to the house for the next step. President Trump said he wanted to approve the legislation before Congress’ August break. The law requires a $1 reserve per dollar for every dollar coin. Additionally, issuers must comply with anti-money laundering rules.
According to Delphi Digital, Stablecoin Supply won the $250 billion mark for the first time in its history. The report highlights the rapid growth of stubcoins that support surrender. Tethers and circles continue to dominate the market. Both issuers account for nearly 86% of the market.
The emergence of dollar-grown cryptocurrency could bring new hope for the waning love of the US dollar. According to Ralph Axel, a strategist at Bank of America (BoA), Stablecoins were able to further drive the US dollar’s position in global finances. The axel isNew technologies such as Stablecoins can speed up the global dollarization.“
The US dollar has declined over the past decade. Many countries are moving to local currency for mutual trade. The advent of stubcoin could change this story. The nation could see it pivot into stablecoins for trade and maintain foreign reserves. With the global movement towards Web3, the shift to dollar-covered cryptocurrency may not be such a strange idea.
