The U.S. has just passed new stablecoin regulations; is Ethereum set to become the global bank? This is not simple!
Recently, the U.S. Congress made big news, passing a stablecoin bill with an 18-6 vote, directly causing an uproar in the crypto sphere! This bill claims to 'regulate the market,' but in reality, it is simply installing a blockchain engine for dollar hegemony—henceforth all stablecoin issuers must register with the government, with money needing to be deposited 1:1 in banks, and a 'blacklist switch' must be maintained to freeze accounts at any time. The USDT in your wallet is helping the U.S. buy government bonds! The toughest move of this bill is forcing stablecoin issuers to use U.S. Treasuries as reserve assets. Currently, 80% of USDT in circulation has been used to purchase U.S. Treasuries, totaling over a hundred billion dollars! This means that for the 300 million cryptocurrency users globally, as long as they have 1 USDT in their wallets, 0.8 dollars automatically turns into U.S. Treasuries. Previously, central banks of various countries were the major buyers of U.S. Treasuries, but now it directly allows retail investors around the world trading cryptocurrencies to 'take over painlessly.' This move is simply brilliant!
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