It has been just revealed that the future status of the US dollar is now in the hands of stablecoins. Check out more details about this below.
US dollar status is addressed
According to the latest reports, it has been revealed the fact that the chief executive of stablecoin issuer Circle is urging the United States to maintain the competitiveness of the dollar by creating clear guidelines for stablecoins.
The online pubcalition the Daily Hodl notes the fact that the U.S. House Financial Services Committee’s latest hearing on stablecoin legislation, Jeremy Allaire says the stakes are too high to ignore and that the US must ensure the dollar is the most competitive fiat currency on the internet.
“As a nation, therefore, we need to ensure that the dollar is the most competitive currency on the internet, and that there can be universal access to the safest and most secure digital dollars possible. The stakes are simply too high to ignore.”
According to the executive, the dollar serves an important geopolitical and economic role for the US. More than that it is also important for its accessibility should be enhanced amid the deepening of digital technologies.
“Access to dollars is not only about America’s economic competitiveness and international stature, but also about deepening the role of the dollar as a store of value and reliable medium of exchange in a global economy powered by smart devices and software. Digital dollars should freely and widely circulate on the internet for all lawful uses.”
Allaire continued and said the fact that getting a stablecoin bill signed into law should be prioritized. It is important to note the fact that it would create a safe way for the US dollar to remain competitive in an increasingly digital age.
“The stablecoin bill is a crucial piece of legislation that should be the first step in creating a regulatory framework that builds the conditions for a vibrant and safe digital assets market.”
