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Headline : S%26amp;P: Stablecoin bill could improve U.S. participation, challenge Tether dominance

Read more from the original article on here at crypto.news.




Tags : #s2526ampp #stablecoin #bill #could #improve #us #participation #challenge #tether #dominance


No. of Paragraph 17

According to an S&P report, a bipartisan stablecoin bill may give banks an advantage over other institutions and incentivize competition in the digital asset custody business.

If approved, the Lummis-Gillibrand Payment Stablecoin Act proposed on April 17 seems positioned to introduce regulatory clarity for the $157 billion-strong stablecoin market currently dominated by Tether (USDT). 

Stablecoins are fiat-pegged cryptocurrencies that offer stability in an otherwise volatile financial market. Such assets are typically tied to sovereign currencies like the U.S. dollar, such as Circle’s USD Coin (USDC), serving as gateways to on-and-off ramp liquidity. 

The bill would permit U.S. banks to issue fiat-pegged tokens with no threshold, but require service providers without a banking license to maintain a market cap under $10 billion. 

Read more from the original article on here at crypto.news.


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