According to the CryptoQuant founder, 'dark stablecoin' could be a solution to the increasing government control over traditional digital currencies.
The community's reactions are very diverse; some support it, while others argue that BTC is a better option.
CryptoQuant founder Ki Young Ju has predicted the potential emergence of a 'dark stablecoin' that is censorship-resistant in the future.
Young Ju believes that government control pressure on stablecoins like Circle's USDC and Tether's USDT could drive the 'dark stablecoin' scenario.
Source: X
Bitcoin vs stablecoin
According to Young Ju, Bitcoin [BTC] pioneers embraced it due to its censorship-resistant feature.
However, intermediaries involved in regulated stablecoins will make it difficult for traditional digital currencies to escape government control.
He predicts that a 'dark stablecoin' could be 'algorithmic' or issued by countries without financial controls.
He cites Tether's USDT as a potential candidate for 'dark stablecoin' if the company chooses not to comply with US laws.
"USDT was once considered a censorship-resistant stablecoin. If Tether chooses not to comply with US government regulations under a future Trump administration, it could become a dark stablecoin in an increasingly censored network economy."
It should be noted that US stablecoin bills, particularly the Senate's GENIUS Act, propose strict controls on domestic digital currency issuers for national security and consumer safety purposes.
This includes features that restrict access to the digital currency if the recipient is on the government blacklist.
Young Ju's views have sparked mixed reactions. Some support the idea, with one user calling traditional stablecoins a 'bottleneck for BTC'.
"Stablecoins are a bottleneck for Bitcoin, just like any third-party intermediary. Europe has tightened access to Bitcoin through stablecoin regulations. And, the US is gradually exercising more control over USDT traffic. I agree, we need a dark stablecoin!"
However, others believe that BTC is good enough and does not need an additional 'dark stablecoin'.
Stablecoins are cryptocurrencies pegged to other digital or traditional currencies such as USD, Euro, or commodities like gold.
As of May 25, the US dollar stablecoin is the most dominant in this sector.
Tether's USDT and Circle's USDC account for over 90% market share. From a stablecoin market size of $242 billion, USDT ($149.9 billion) and USDC ($60 billion) make up $209 billion.
Source: https://tintucbitcoin.com/kiem-soat-chinh-phu-co-the-thuc-day-stablecoin-ngam/
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