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Stablecoins and US dollar hegemony
There’s some debate about whether or not stablecoins backed by dollars strengthen the dollar’s global dominance. Why it matters: With over $117 billion in dollar value tied up in the top three stablecoins, this sector of the blockchain industry is unquestionably satisfying some kind of dollar demand, but it also ties the dollar to the most controversial and unpredictable corner of the digital economy. State of play: The Executive Branch seems to have it in for the most boring corner of cryptocurrency. Yet the blockchain industry argues, unsurprisingly, that stablecoins are in the interest of U.S. foreign policy. ... (full story)
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- Posted: May 25, 2023 7:49am
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 83
