📌 US wants to bring stablecoin ashore, says Trump’s cryptocurrency chief
– Sachs emphasized the potential benefits of stable coins in expanding the US dollar’s influence in global finance.
Earlier, the White House, in an executive order signed by President Trump on January 23, promised to “develop and
To promote stable coins, the presidential order banned the issuance and all possible implementations of central bank digital currencies (CBDCs) and focused on the U.S. stablecoin as a digital dollar. According to Sachs, the White House intends to develop legislation to support the issuance of stablecoins.
stablecoins are already being issued and managed in the U.S., and the issuer has stated that its stablecoins are “regulated and fully It is positioned as ‘reserved.
USDC Stablecoin is the second largest in the market after USDT, accounting for 24% of the total stable coin market.
Unlike USDC, which is widely recognized as a regulated stable coin in the U.S., USDC, on the other hand, is legally recognized in several countries around the world, including Canada and the EU, and will be subject to cryptoasset market regulation in July 2024 (
).
USDT, which accounts for more than half of the total stackcoin market, is expected to attract additional attention in the U.S. as the Trump administration has stated its intention to move stackcoins offshore.
Tether CEO Paolo Aldino told Cointelegraph in October 2024 that Tether owns more U.S. securities than Germany and is an issuer “far bigger than any other competitor or any other financial institution in the world.
And is therefore “the U.S. government’s best friend, he said.