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Trump’s Crypto Advisor Says Stablecoins Could Attract Global Deposits to US Banks
Patrick Witt, a President Trump’s crypto advisor, has argued that stablecoins could drive significant global capital flows into the American banking system. Witt, the executive director of the President’s Council of Advisors for Digital Assets, said dollar-backed stablecoins could ultimately strengthen US banks by attracting deposits from users worldwide. The comments from Trump’s crypto advisor corroborate the ongoing debates among policymakers and financial institutions on the impact of stablecoins on traditional banking. While some banks warn that digital dollar tokens could siphon deposits away from the ... (full story)
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