President Donald Trump’s crew, bless their hearts, have been up to their usual shenanigans, this time involving those digital doo-dads called stablecoins. David Sacks, the fellow Trump appointed to keep an eye on all things crypto, popped up on CNBC and declared that the US is coming for those stablecoins, bringing them back onshore like a reluctant guest at a family reunion.
“Stablecoins have already taken off, but mostly offshore,” Sacks lamented, as if they’d flown the coop and left a note saying “Gone fishin’!” The good ol’ US of A wants a piece of the action, apparently.
These stablecoins, you see, are worth a cool $227 billion, with 97% of them tied to the good ol’ US dollar. Tether’s USDT, the big cheese in the stablecoin world, makes up over 60% of that.
Sacks, bless his soul, sees these stablecoins as a way to make the US dollar even more powerful, even online. He reckons they could create trillions of dollars worth of demand for US Treasurys, which, let’s be honest, could be a real feather in Uncle Sam’s cap.
The White House has been all talk about promoting the US dollar’s dominance, and stablecoins seem to be their latest weapon in this grand scheme. They even want to make it easier for folks to issue stablecoins, like a newfangled version of the printing press.
Now, Circle’s USDC stablecoin is already doing the US thing, playing by the rules and all. It’s the second biggest stablecoin around, and it’s got all the proper licenses and whatnot.
Tether’s USDT, on the other hand, has been causing a bit of a stir overseas. It’s been labelled as a bit of a rogue player in places like the EU.
But Tether isn’t one to back down. Their CEO, Paolo Ardoino, declared that Tether is the “best friend of the US government” because they own more US securities than Germany, bless their patriotic hearts.
“We are happy to decentralize the ownership of the US debt, making the US much more resilient,” Ardoino said.
So there you have it, the great stablecoin showdown! Will the US government bring its stablecoins home to roost, or will the wild west of crypto continue to roam free? Only time will tell, and hopefully, it won’t involve any more political shenanigans. 😜
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2025-02-05 14:02