Washington (TNND) – A quiet revolution takes place in the cryptocurrency world, and it is not Bitcoin or Ethereum. The emphasis is on stablecoins, a type of cryptocurrency fixed to a specific reserve asset, often the US dollar, which allows them to maintain a more stable value. According to the World Economic Forum, stablecoins are mainly digital dollars designed to remain stable, unlike cryptocurrencies that increase or fall into value such as bitcoin or mastiff.
Last year, the stablecoins facilitated $ 15.6 dollars in transactions. The American Commission for Securities and Exchange (SEC) said that stable covered, as long as they meet certain criteria, are not considered to be titles. This classification means that the companies that emitted them or buy them do not have to undergo the usual recording process of securities. The dry considers these coins more as tools for payment or storage of value rather than investment products. According to the dry:
Buyers are motivated to use or consume stables covered as so-called “digital dollars” in the same way as it would use USD. Consequently, this is the point of view of the division that the covered stablecoins are not offered or sold as investment contracts.
In Washington, the stablecoins draw the attention of the legislators on both sides of the aisle. Currently, there are no clear laws in place concerning stablecoins in the United States, but Congress is actively working to establish a framework. The Senatoric Banking Committee has advanced its bill on stables, the Genius Act, on the ground, while the Chamber’s Financial Services Committee did the same with its version, the stable law. The end votes are expected soon, which could define the functioning of these assets and which can issue them for the years to come. According to Senator Bill Hagerty, the sponsor of the law on engineering:
The hostility of the previous administration towards the crypto and the refusal to provide clear regulatory directives have seriously stifled the innovation of Stablecoin. The Genius Act opens a new border for cryptographic innovation by finally establishing a clear federal regulatory framework which preserves a strong way of the State towards the issue of Stablage.
The Stablescoin market has increased considerably, with more than $ 230 billion, now supporting these digital assets. Tether, a major transmitter, said $ 13 billion in profits in only 2024. This growth has aroused calls for greater surveillance, but also has new commercial opportunities. Paypal was the first big brand to launch a stablecoin, and more companies can follow suit.
