In brief
- Lawmakers and crypto industry leaders have argued stablecoins will redefine the U.S. economy once relevant legislation passes.
- A senior Moody’s analyst doubts swarms of traditional banks and merchants will create their own stablecoins anytime soon, however.
- Too many technical barriers remain, and media hype about an explosion of new stablecoin issuers is overblown, the analyst said.
Ask any pro-crypto lawmaker or industry leader, and they’ll tell you stablecoins are about to take over the world.
Earlier this month, the Senate passed a landmark bill to formally legalize stablecoin issuance in the United States—legislation that parties involved have promised will, once signed into law, unleash the promise of instantaneous blockchain payments on all corners of the U.S. economy.
Crypto leaders have forecasted that once the federal government gives the green light, hundreds of stablecoins—even thousands—could soon flood the market, challenging the dominance of giants Tether (USDT) and Circle (USDC).
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Author: Sander Lutz
