US Treasury Says Stablecoins Should Be Replaced by a CBDC

YOSHIE

legendary

Activity: 2128

Merit: 1775

Quote from: zasad@ on Today at 05:39:08 AM

While many stablecoin advocates have argued that U.S. dollar-backed stablecoins bolster the dollar’s strength by increasing demand for T-bills, the Treasury appears unconvinced. "

If I'm not mistaken, there are 193 countries in the world, almost all countries use stablecoins such as (USDT), (DAI), USDC (USDC), and others, only 11 countries have adopted a Central Bank currency (CBDC), Legally it is not easy to eliminate all existing stablecoins and make them one, namely (CBDC), it is not an easy matter and it is not easy to get support to make one and the others disappear.

I think stablecoins have now gained a lot of support as a single dollar, fiat currency combination asset in various countries, my understanding is that even though the US Treasury plans to make all stablecoins (CBDC), The idea came out while sitting in a rocking chair, but doing it was not as easy as they imagined. The US Treasury Department wants all crypto assets Bitcoin, Ethereum, BNB to be under their control, unfortunately it's all just a dream.

avikz

legendary

Activity: 3080

Merit: 1500

US treasury will someday say that Bitcoin should be replaced by the cryptocurrency created by Themselves. Does it matter! They can say whatever they want to buy there's no requirement for the rest of the world to consider with even slightest seriousness.

Stablecoins have become popular due to their own merit and ease of use in the crypto world. That can never be replaced by any CBDCs, ever. US government may want to ban these stablecoins but that's highly unlikely to happen!

zasad@

legendary

Activity: 1932

Merit: 4602

https://decrypt.co/289255/us-treasury-cbdc-replace-stablecoins

"The U.S. Treasury Department is concerned about the growth of the stablecoin

“In a similar manner to how privately-issued ‘wildcat’ currencies were replaced by government-backed central currencies in the late-1800s, Central Bank Digital Currencies (CBDC) will likely need to replace stablecoins as the primary form of digital currency underpinning tokenized transactions,” the report, which was prepared by the Treasury’s Office of Debt Management, said.

Stablecoins dominated much of the 132 page report on the state of the Treasury’s finances in Q4 2024. Much was made of the significant amount of U.S. Treasuries, aka T-bills, that have been bought up by stablecoin issuers such as Tether and Circle. The Treasury estimates that $120 billion worth of T-bills have been purchased to serve as yield-bearing stablecoin collateral. The majority of that sum—nearly $81 billion—has been purchased by Tether, the company behind the crypto market’s largest stablecoin, USDT.

While many stablecoin advocates have argued that U.S. dollar-backed stablecoins bolster the dollar’s strength by increasing demand for T-bills, the Treasury appears unconvinced. "

Topic: US Treasury Says Stablecoins Should Be Replaced by a CBDC (Read 25 times)