Opinion | Stablecoins Can Keep the Dollar the World’s Reserve Currency

📆 8/9/2023 2:16 PM
📰 WSJ

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From WSJopinion: For stablecoins to succeed, U.S. politicians need to agree that re-dollarizing the global economy is important. The McHenry bill is a good place to start, write BrianBrooksUS and Charles W. Calomiris.

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Stablecoins, blockchain-based assets backed by bank deposits and Treasury securities, are at the heart of a dollar-based revolution happening throughout the developing world. Their price is supposed to stay steady, often at $1. Think of them as digital versions of prepaid cards with the potential to be important tools of American soft power in a world where the role of the dollar is in question.

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US Fed clarifies process for banks to transact in stablecoinsThe US Federal Reserve has stated that state banks must obtain written approval before issuing, holding, or transacting in stablecoins, such as dollar tokens used for payments. This comes as major companies face regulatory challenges in launching their own stablecoins.
Source: Reuters - 🏆 2. / 97 Read more »