It has been just revealed that the fate of the US dollar is now depending on stablecoins. Check out the latest reports about this below.
US dollar and stabelcoins
According to the latest reports, it has been revealed the fact that the chief executive of stablecoin issuer Circle is urging the United States to maintain the competitiveness of the dollar by creating clear guidelines for stablecoins.
The online pubcalition the Daily Hodl notes the fact that the U.S. House Financial Services Committee’s latest hearing on stablecoin legislation, Jeremy Allaire says the stakes are too high to ignore and that the US must ensure the dollar is the most competitive fiat currency on the internet.
“As a nation, therefore, we need to ensure that the dollar is the most competitive currency on the internet, and that there can be universal access to the safest and most secure digital dollars possible. The stakes are simply too high to ignore.”
It has been revealed that the dollar serves an important geopolitical and economic role for the US.
More than that it is also important for its accessibility should be enhanced amid the deepening of digital technologies.
“Access to dollars is not only about America’s economic competitiveness and international stature, but also about deepening the role of the dollar as a store of value and reliable medium of exchange in a global economy powered by smart devices and software. Digital dollars should freely and widely circulate on the internet for all lawful uses.”
US dollar dumping begins
In a recent statement, Russian Foreign Minister Sergey Lavrov confirmed that the process of de-dollarization has begun as a result of the US government’s actions and statements. A report from Tass further highlights that the BRICS alliance, comprising Brazil, Russia, India, China, and South Africa, is presently working on a plan for moving forward without relying on the US dollar.
Lavrov is a Russian official since before the collapse of the Soviet Union.
He recently stated the fact that the next BRICS gathering in August will focus on how the alliance’s New Development Bank can defend itself from potential US hostility.
“De-dollarization has begun, both in practice and in conceptual speeches… Within BRICS, Brazil suggested that the upcoming summit in August should give careful consideration to the tasks of protecting financial transactions within this assembly, of protecting the New Development Bank from abuse of the dollar’s persistent role. And we are putting forward many other initiatives concerning this issue.”
He continued and said the following:
“They are releasing lists enumerating the goods that should be banned for export to Russia. I’m not exaggerating now. There was a trio recently – an American, a Briton and a representative of the European Union – who had been touring Central Asian countries.”