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Stablecoin - Back By USD?
Stablecoins have been getting A LOT of attention lately and not the attention we need in the crypto world. Tether being the first stable coin now has a total market cap of 62 billion. Many new stablecoins boomed over the last two years as companies saw for whatever reason a need to have a stable asset that was begged to $1 USD.
With all of the stable coins combined we are looking at a total market cap of 118 billion dollars nothing to sneeze about. It's a rather large sum of money and more importantly has a VERY night velocity rate to it.
There are benefits to having a stablecoin don't get me wrong. The biggest being able to send millions from one place to the other side of the earth within seconds and pay pennies on the transaction.
The negative, governments especially the United States are now locking their sights on these assets and thinking they should be able to step in and regulate them because they are backed by the USD Fiat currency and well honestly I have to say they have a VERY valid point love it or hate it.
It's All In The Wording
When you start watching court cases and all the wild and crazy crap that goes on in the world you quickly realize that law is all about wording and money. But more importantly wording.
As of today Coinbase a company that has been a leader in crypto adoption for MANY people changed their USDC stablecoin lable and REMOVED "back by US dollars" Most likely this would be enough to keep the SEC, FED and government out of it as their current thinking is that if it's pegged to $1 USD FIAT well then they have a right to regulate it.
Could this simple change be the answer to the increasing pressure from the United States government to regulate cryptocurrency?
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That's an interesting response but I doubt the government will let it go that easily... they will find some other leg to stand on
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Our government does have to abide by the constitution. There's been so much backhanding though recently that it's driving me nuts and makes me want crypto to be even that more successful. The more they push me the more I'm pushing back. This government needs to realize it works for the people not against them.
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