As the stablecoin market grows, the US Treasury seems to be discussing regulations on private stablecoin.
ReutersLast week, the Treasury also held a meeting to investigate the risks of stablecoin to users, markets and the financial system and consider its regulation.
“The Treasury meets with a variety of stakeholders, including consumer protection activists, members of the House of Representatives and market participants,” a Treasury spokeswoman said.
According to an anonymous source on the issue, if a Treasury meeting was held last Friday and stablecoin became widely used, cryptocurrencies would need to be monitored directly. He said he asked the community. There was also a discussion about risk mitigation measures when many people tried to exchange stablecoin for backing assets.
In addition, the Ministry of Finance has met with groups of financial institutions such as banks in the past to discuss the possibility of regulating stablecoin.
The Treasury’s growing attention to stablecoin is in response to the growing presence of stablecoin over the past year. The market capitalization of major stablecoins such as Tether (USDT) and USDCoin (USDC) has grown from $ 37 billion in January to $ 125 billion.
Treasury Secretary Janet Yellen talks about the need to introduce a stablecoin regulatory framework in JulyMention。
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