#GENIUSActPass Bill that would allow banks to issue “stablecoin” cryptocurrency takes a step closer to becoming law

“Stablecoins” are supposed to be worth exactly $1, now and forever. But critics worry that they could cause problem in the non-crypto economy.

Among other things, it would allow banks — regular, normal banks — to issue a form of cryptocurrency called “stablecoins.”

Unlike Bitcoin or Dogecoin or other cryptocurrencies whose values are extremely volatile, stablecoins are supposed to be stable. One of them should equal one dollar, today, tomorrow and forever.

Dante Disparte is chief strategy officer at Circle, which has issued $61 billion worth of a stablecoin called USDC, “a digital dollar that has supported activities around the world in the way that you and I would send emails to one another,” he said.