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U.S. Treasury Secretary Scott Bessent is confident that people around the world are going to choose stablecoins over central bank digital currencies (CBDCs). In a new interview with Bloomberg, Bessent says the stablecoin sector creates an “exciting new payment rail.” “And importantly, it will be a source of demand for the US Treasury market, because if you think about it, in terms of preference globally, would you rather have a private stablecoin that’s backed by US Treasuries with US best practices and regulation, or would you rather have an [European Central Bank] or [People’s Bank of China] central bank digital currency that if you write a mean X post, the government could turn off. I think everyone’s going to choose the US private sector with US regulation all day, every day.”   Bessent says he’s been encouraging members of the House of Representatives to pass the Senate version of the GENIUS Act “as is...

1. Scholar: China Needs to Promote the Construction of Stablecoins link The Deputy Director of the Institute of Finance at the Chinese Academy of Social Sciences and the Deputy Director of the National Institution for Finance and Development stated in an article published in the Learning Times, which is affiliated with the Party School of the Central Committee of the Communist Party of China, that Bitcoin is not a genuine currency in nature. Instead, it is a peculiarly styled financial asset, and this asset itself possesses investment value. In fact, it is stablecoins that are truly likely to exert a significant impact on the international financial system. Once the US dollar — backed stablecoins more closely link the international credit of the US dollar with the application scenarios in the virtual world, it is highly probable that they will greatly reinforce the hegemony of the US dollar. China needs to advance the construction of stablecoins and expand the utilization of digital to...

Solana and Multicoin investor David Sacks is set to host his first press conference as White House Crypto Czar in Washington today. At 2:30pm at the Dirksen Senate Office Building, Sacks will likely announce several names of industry leaders to join Donald Trump’s newly-formed advisory council. According to sources speaking to the New York Post, possible appointees include executives from Ripple, Crypto.com, Coinbase, and USDC issuer Circle. “Everyone and their mother is begging to be on this council,” one applicant said. According to an executive order signed by Trump, Sacks must pick advisors who will help him to propose a federal regulatory framework that prioritizes digital assets and a national digital assets stockpile. Trump’s order names one category of digital assets that is a particular priority: stablecoins . Stablecoins have a combined market value of $225 billion, the majority of which is in the world’s biggest stablecoin, tether (USDT). Trump’s Commer...

Cryptocurrency adoption is evolving, with stablecoins emerging as preferred payment options over traditional cryptocurrencies like Bitcoin (BTC). These fiat-pegged digital assets have gained notable traction recently. Regions such as Sub-Saharan Africa and Latin America have seen rapid increases in stablecoin use, surpassing Bitcoin in transaction volume. Bitcoin recently reached an unprecedented high of $106,000. Despite this milestone, the usage of stablecoins has expanded more significantly in everyday transactions due to their reduced price volatility. While Bitcoin remains an essential component of the crypto market, other cryptocurrencies, including stablecoins and newer blockchain projects, offer diverse opportunities for potential returns. This article will explore some of the top cryptocurrencies to buy now , reflecting the changing trends in adoption and market dynamics. Top Cryptocurrencies to Buy Now Wall Street Pepe (WEPE) is gaining significant traction two weeks into ...

Can DeFi Solve Global Remittance Issues?! Global remittances play a vital role in supporting economies, particularly in developing countries where many rely on funds sent from overseas workers. However, traditional remittance systems are plagued by inefficiencies, including high fees, slow transaction speeds, and limited accessibility, especially for the unbanked. Decentralized Finance (DeFi) offers a new approach to addressing these pain points, leveraging blockchain technology to provide faster, cheaper, and more inclusive solutions. But can DeFi truly solve the global remittance problem? The Traditional Remittance System’s Shortcomings The current remittance landscape, dominated by legacy players like Western Union and MoneyGram, is characterized by high transaction fees that can range between 5% to 10% of the amount being sent. Additionally, transactions can take days to process, especially when crossing multiple borders. These inefficiencies disproportionately affect low-income in...

Federal Reserve Chairman Jerome Powell reiterated the need of robust central-bank oversight in the ongoing development of stablecoin regulations by the House Financial Services Committee. Powell further disclosed that the Federal Re serve ’s staff has been actively engaged in discussions with lawmakers from both sides of the aisle regarding the cryptocurrency legislation currently under consideration by committee members. Two crypto bills underway During a twice-yearly hearing on monetary policy, Federal Re serve chairman Jerome Powell expressed his perspective on payment stable coins , stating, “We do see payment stable coins as a form of money, and in all advanced economies, the ultimate source of credibility in money is the central bank.” Powell emphasized the necessity of a strong federal role in overseeing stable coins , indicating that he believes it would be appropriate to establish robust federal oversight in this domain. During the hearing, chairman ...

Given Silicon Valley Bank’s direct involvement in destabilizing USDC prices, CZ blamed banks for increasing the risks of stablecoins. The death spiral of the Terra (LUNA) and TerraUSD (UST) ecosystem served as a catalyst to the 2022 bear market — causing losses in the millions, damaging investor sentiment and intensifying the regulatory spotlight over cryptocurrencies. However, the recent depegging of Circle’s USD Coin (USDC) led Binance CEO Changpeng ‘CZ’ Zhao to believe that traditional banks are a risk to stable coins that are usually pegged 1:1 with fiat currencies, like the US dollar. On March 11, Circle disclosed that Silicon Valley Bank (SVB) did not process its $3.3 billion withdrawal request. The crypto market responded to the revelation by selling off their USDC holdings, causing the US dollar-backed stablecoin to lose its peg. Given SVB’s direct involvement in destabilizing USDC prices, CZ blamed banks for increasing the risks of stablecoins. Banks are a risk to fiat-back...