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🚨🇺🇸 STABLECOIN TURF WAR HEATS UP IN U.S.
🔹Bank of America, Tether & Circle #battle for dominance over future digital dollar regulations
🔹BoA CEO: Will issue a stablecoin if Congress sets a regulatory framework, pushing lawmakers to favor traditional banks.
🔹Current bills: The STABLE Act (House) and GENIUS Act (Senate) allow nonbanks like Amazon or Meta to issue USD-backed stablecoins.
🔹Big Banks’ Push: Via the Bank Policy Institute & ABA, BoA and others lobby to restrict tech giants & nonbanks from entering the space.
🔹Opposition: #Tether & #Circle warn against "protectionism"—Circle backs stricter U.S. oversight; Tether faces ongoing trust issues over reserves.
Political split:
🔹Maxine Waters (D): Warns of tech company overreach, criticizes Trump-linked stablecoin.
🔹Bryan Steil (R): Supports open competition for stablecoin issuers.
🔹#Trump factor: His DeFi-linked World Liberty Financial adds pressure, with banks worried stablecoins could siphon away deposits.
🔹U.S.-first policy: Circle pushes for "America First" digital asset rules to hinder foreign competition like Tether.
- The Block – April 17, 2025$ETH
🔹Bank of America, Tether & Circle #battle for dominance over future digital dollar regulations
🔹BoA CEO: Will issue a stablecoin if Congress sets a regulatory framework, pushing lawmakers to favor traditional banks.
🔹Current bills: The STABLE Act (House) and GENIUS Act (Senate) allow nonbanks like Amazon or Meta to issue USD-backed stablecoins.
🔹Big Banks’ Push: Via the Bank Policy Institute & ABA, BoA and others lobby to restrict tech giants & nonbanks from entering the space.
🔹Opposition: #Tether & #Circle warn against "protectionism"—Circle backs stricter U.S. oversight; Tether faces ongoing trust issues over reserves.
Political split:
🔹Maxine Waters (D): Warns of tech company overreach, criticizes Trump-linked stablecoin.
🔹Bryan Steil (R): Supports open competition for stablecoin issuers.
🔹#Trump factor: His DeFi-linked World Liberty Financial adds pressure, with banks worried stablecoins could siphon away deposits.
🔹U.S.-first policy: Circle pushes for "America First" digital asset rules to hinder foreign competition like Tether.
- The Block – April 17, 2025$ETH
🚨STABLECOINS TO HIT $2T BY 2028 – STANDARD CHARTERED
🔹Potential U.S. law (GENIUS Act) could 10x stablecoin supply to $2 trillion
🔹Would drive $1.6T in U.S. Treasury demand, enough to absorb all T-bill issuance in Trump’s second term
🔹Circle’s model may become industry standard (short-duration T-bill reserves)
🔹Boosts USD dominance, but multi-currency stablecoins could pose long-term risks
#Stablecoins #GENIUSAct #USDT #USDC
🔹Potential U.S. law (GENIUS Act) could 10x stablecoin supply to $2 trillion
🔹Would drive $1.6T in U.S. Treasury demand, enough to absorb all T-bill issuance in Trump’s second term
🔹Circle’s model may become industry standard (short-duration T-bill reserves)
🔹Boosts USD dominance, but multi-currency stablecoins could pose long-term risks
#Stablecoins #GENIUSAct #USDT #USDC
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