Despite the lack of any federal regulation, the stablecoin industry is currently worth over $200 billion.
Hougan thinks that by attracting traditional financial institutions, retailers, and international commerce networks, a solid legal framework will enable the market to grow even more, maybe reaching $2.5 trillion.
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By normalizing the use of blockchain-based financial instruments outside of digital currencies, this legislation may eventually encourage institutional adoption.
Hougan compared the bill's progress to "Wall Street and crypto getting married," describing it as a pivotal occasion.