A former acting Comptroller of the Currency has spoken out about the need for stablecoins in America while urging Congress to regulate them amid a wave of de-dollarization across Asia and Latin America.
On Aug. 9, Brian P. Brooks, former acting Comptroller of the Currency, aired his views on why America needs stablecoins. He added that they are “at the heart of a dollar-based revolution happening throughout the developing world.”
Stablecoins Can Slow De-Dollarization
The former Coinbase chief legal officer described stablecoins as “important tools of American soft power in a world where the role of the dollar is in question.” Global USD bank reserves have declined by 20% over the past two decades.
Moreover, stablecoins can provide an alternative for global citizens suffering from high inflation and devaluation of their local currencies. Stablecoins like USDC and USDT also allow savings in dollars via mobile devices…
