US wants to bring stablecoins home, says Trump's crypto czar
The Trump administration plans to regulate crypto stablecoins and bring the market into domestic regulations, with an emphasis on digital assets backed by the US dollar, according to David Sacks.
The administration of US President Donald Trump has confirmed plans to regulate and drive innovation in stablecoins within the country, according to Trump's crypto czar David Sacks.
Stablecoins are one of the main areas of focus for the Trump administration, along with Bitcoin adoption and blockchain development, Sacks told CNBC's Closing Bell Over Time on February 4.
The stablecoin market “has already taken off, but mostly outside the country,” Sacks said, adding that the US now wants to “bring that innovation home.”
Stablecoins represent a $227 billion industry, with 97% of its market made up of stablecoins pegged to the US dollar, such as Tether’s USDt. USDT alone accounts for over 60% of the total stablecoin market cap, according to data from CoinGecko.