- Nyag has warned that Bitcoin could threaten the domination of the US dollar and American interests
- She also urged special attention to ensuring the position of the dollar through stablescoins
The Prosecutor General of New York (NYAG) Letitia James is the last to raise concerns concerning the potential potential threat of Bitcoin (BTC) against the domination of the US dollar (USD). In a letter at the congress, she noted,
“America should defend the main position of the US dollar for world transactions – a position that Bitcoin, which can instantly transfer value to a global scale, threatens.”
James expressed himself that if Bitcoin sees generalized adoption, this could weaken American interests, including the effectiveness of American sanctions.
Stablecoin solution to the BTC threat
To mitigate this, she urged Congress to consider surface stable The issuers supported by the invoices of the American Treasury and the cash equivalents. This would allow transmitters to be supervised under American federal laws.
According to the NYAG, stable offshore issuers could falsify their financial health files and exhibit the US Treasury market and the banking system at the risk of contagion. She added,
“Supervisory regulators on stablecoin transmitters must ensure that buy -back requests do not create executions on the bank by demanding the diversification of institutions where stablecoin deposits are held, the diversification of deposits and increased capital requirements.”
However, some market analysts and the main business leaders believe that the domination of the BTC against the US dollar is inevitable. For example – in an annual investor report, the CEO of Blackrock, Larry Fink, declared,,
“If the United States does not take control of its debt, if deficits continue from balloon, America risks Losing this position (global reserve currency) to digital assets like Bitcoin. »»
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For his part, Jeff Park, responsible for Alpha Bitwise strategies, note that the current tariff wars could strengthen BTC’s position.
“The higher bitcoin survives above the dollar in our life after today (Renewed Tariff Wars).”
On the contrary, other market observers see The push for us domiciles stable as a victory for certain products like Rlusd.
Stablecoins are supported 1: 1 to reserve assets, such as the US dollar, gold, etc. The USDT of Tether is the largest stablecoin for market capitalization and the seventh largest buyer of American cash bills in 2024.
In fact, the market is expected to go from $ 230 billion to $ 2.8 billion of dollars by 2028, stablecoins could in fact help strengthen the world domination of the US dollar.
Consequently, the House of Representatives of the United States and the Senate have advanced two stable bills of their respective committees to provide regulatory clarity to the sector.
