US Treasury targets stablecoins in latest regulatory risk assessment
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Answer US Treasury targets stablecoins in latest regulatory risk assessment
With regulatory pressure mounting in the US, policy makers are placing stablecoins at the top of their agendas.
according to Source Officials are drafting a policy framework due for release in the coming weeks, and their primary concern is to ensure that investors can move money in and out of currencies reliably.
It was also mentioned in the aforementioned source:
A rapid sell-off on crypto assets could threaten financial stability and some stablecoins could expand at dangerous speeds.
Strengthening organizational efforts:
The Financial Stability Oversight Board is also preparing a formal review of whether stablecoins pose an economic threat.Read:Hillary Clinton Defends Cryptocurrency Regulation to Protect Global Dollar Reserve Status
Officials focus on how stablecoin transactions are processed and settled, and whether market conditions have an impact.
Tomika Tillman, global head of policy at a crypto fund managed by venture capital giant Andreessen Horowitz commented:
It is very important and significant that we are seeing early steps to create a regulatory framework around digital assets.
In late July, US Treasury Secretary Yellen called for urgency in regulating stablecoins after stating that they are not subject to sufficient oversight.
Gary Gensler echoed the same statement in early August, stating that regulators should act to protect investors from fraud.
In late July, Acting Currency Controller Michael Hsu said regulators were looking into Tether trade notes to see if each USDT token was truly backed by a dollar equivalent.
Tether has repeatedly issued assurances that its reserves are fully backed but has yet to provide a full, independent audit.
Tether drives the stablecoin locomotive:
Tether remains the market leader with a current supply of 69.4 billion, according to Tether’s Transparency Report.
36 billion or 51.8% of Tether is based on the Tron network, with 33.8 billion or 48.7% running on Ethereum.Read:Huobi founder is looking to sell his stake in the company for $3 billion
USDT supply has grown by 232% since the beginning of the year.
Circle’s rival digital stablecoin, USDC, currently has 29.3 billion in circulation after gaining 651% in terms of supply growth so far in 2021.
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