The U.S. Federal Reserve officially recognizes stablecoins as a significant payment innovation, calling for a comprehensive regulatory framework.
Recognition of Stablecoins as Payment Innovation
According to U.S. Federal Reserve official Musallem, stablecoins play a crucial role in modern financial systems, underscoring the need for a clear regulatory framework.
Legislative Initiatives for Regulation
Following Musallem's comments, the discussion surrounding stablecoins has gained traction. Initiatives like the GENIUS Act, spearheaded by Senator Bill Haggerty, aim to create a legislative structure for oversight and regulation of stablecoins.
Market Analysis: Stability of USDC
Currently, USDC demonstrates stability at $1.00, with a market cap of $62.57 billion. The trading volume over the past 24 hours reached $12.21 billion, illustrating ongoing user interest in the stable cryptocurrency.
The increasing recognition of stablecoins by the Federal Reserve highlights the importance of developing comprehensive regulations that will facilitate their integration into the financial system.
