In recent weeks, stablecoins have attracted significant market attention due to new legislative initiatives and reserve issues.
Stablecoin Legislation in the US
The current STABLE Act, supported by the US House Financial Services Committee, will be brought to a vote in the House of Representatives. It regulates the use of stablecoins in payments and requirements for their issuers. This act is viewed alongside the GENIUS Act, which offers broader industry regulation. However, some lawmakers express concerns about the potential negative consequences of this legislation.
CITE_W_A: "I do not agree with my colleagues regarding the STABLE Act, it sets an unacceptable and dangerous precedent." - Maxine Waters.
FDUSD Issues
The FDUSD stablecoin underwent a depeg on April 2 following claims by Justin Sun, founder of the Tron network, of potential insolvency of the issuer. First Digital refuted these claims, affirming its liquidity and ability to maintain a 1:1 ratio with the dollar. They stated that every unit of FDUSD is fully backed by US treasury bills.
Trump's Stablecoin Launch
The World Liberty Financial project, associated with the Trump family, has launched its own USD1 stablecoin backed by the US dollar. This project has drawn criticism from Trump's political opponents who assert that he is attempting to undermine the US dollar. A group of senators expressed concerns that Trump might use his regulatory powers to favor his project.
Complex regulations and new initiatives in the stablecoin sphere continue to prompt discussions in both the US and Europe and Asia, while the impact of these changes on the market is a subject of active debate.
