The US authorities will be able to maintain the dominant position of the dollar in the world if they implement the regulatory framework for stablecoins. This point of view was expressed in an interview with Bloomberg by the CEO of the Stellar Development Foundation, Denell Dixon.
In her opinion, Washington’s tough regulatory policy towards the blockchain industry not only forces the crypto business to move to other jurisdictions, but also contributes to the weakening of the dollar’s position in the global market.
With a reasonable approach, the US will be able to confirm the status of both a technological and financial power by legalizing tokens backed by US currency.
The head of the SDF stressed:
If we want the US dollar to stay strong around the world, then stablecoins are one way to achieve this.
Dixon recalled that stablecoins account for just over 10.5% of the cryptocurrency market capitalization ($133 billion). We need to make sure that these tokens are regulated in the US, since most of them are pegged to the dollar.
Late last year, a bill to regulate fiat-backed digital currencies was submitted to Congress for consideration. It was introduced by Senator Pat Thum, representing the Banking Committee.
