Congress Passes GENIUS Act in Major Win for US Crypto Industry
“Competition will be fierce,” says Christian Catalini, founder at MIT Cryptoeconomics Lab and co-creator of Diem, the now-defunct stablecoin project funded by Meta. “You will see many more issuers enter the market and compete. Many of those issuers will be more traditional banks and fintechs.”
Crypto advocates argue that stablecoins will strengthen the US Dollar as the global reserve currency by increasing demand in developing countries with unstable economies, and allow the US to borrow more cheaply by juicing demand for government bonds. “You couldn’t come up with a better innovation for the greenback on a whiteboard,” says Christopher Perkins, president at crypto VC firm CoinFund.
However, a stablecoin proliferation could…
