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Stablecoins and the Dollar: Future Perspectives and Global Challenges

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by Giorgi Kostiuk

7 hours ago


In recent months, the United States has intensified its efforts to promote dollar-pegged stablecoins as a means to preserve the dollar's status as a global reserve currency. At the same time, a growing resistance can be observed on the global stage.

US Focus on Dollar-Pegged Stablecoins

According to a new report from digital asset bank Sygnum, the US administration views dollar-pegged stablecoins as a tool to restore trust in the dollar. In this context, the administration is encouraging the growth of the stablecoin market and urging Congress to pass related legislation.

Global Response to Dollar-Pegged Stablecoins

Amid US initiatives, resistance is growing. Italy’s finance minister warned that dollar-pegged stablecoins could pose a greater threat than tariffs. Meanwhile, demand for stablecoins not pegged to the US dollar is on the rise, despite their limited liquidity.

Demand from Developing Countries

The Sygnum report highlights that demand for US dollars is coming from retail in developing countries that are facing rising inflation and depreciating local currencies. There is a consensus that dollar-pegged stablecoins could satisfy this demand and help restore the dollar's former status.

With increasing pressure both domestically and internationally, the future of dollar-pegged stablecoins and their role in the market remains uncertain and requires ongoing observation.

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