David Sacks has a lot on his plate. He can’t limit himself to making good crypto trading regulations or suggesting new AI road maps for the success of crypto trading.
It’s time he started thinking about the health of stablecoin transactions in the US. Globally, table coins are used in a lot of informal environments like retail purchases and online purchases. But America still seems to lag.
Why does America have no taste in stable coin transactions?
A segment of market analysts think that adoption of stable coin means a threat to the US currency value. This is the reason why the retail environment limits the use of stablecoins for transactions.
It’s been around 10 days since legislation was introduced in the Senate for the creation of a regulatory framework for stablecoin transactions. Senator Hagerty largely supported this bill. According to him, a proper bill would be the key to safe crypto regulations and developing a pro-growth framework.
Stablecoins gaining impetus in the US
A lot of sources are endorsing greater movement of stablecoins in the US. Retired governor Christopher Waller also thinks the same. When stable coins like Bitcoin are used for transactions, it would improve the microeconomic. As a result, the strength of the dollar would rather increase rather than decrease.
Finally, the momentum around the use of stablecoins is increasing. The total market cap for stablecoins is already $233 billion. In the meanwhile, the US has great scope for leverage in the trade of stablecoins.
Currently, 97% of the market in the US belongs to USDT, which is up by $1 in the last 24 hours. Therefore, 60% of the whole market of stablecoins belongs to this token. It also shows that there is abundant scope for diversification in the market and entry of more stablecoins.
Under the new government, stablecoin legislation has become easier. The latest Crypto task force is gaining actual momentum. Now, it depends on how the market factors play out. At the same time, people must play a key role by pressing Congress to take less time and move the legislation.
