On Wednesday, a stablecoin bill called the STABLE Act advanced through the House Financial Services Committee, increasing the likelihood that Congress will pass a law this year cementing stablecoins’ as a global financial tool. Proponents argue that stablecoins help the U.S. preserve the global centrality of the dollar, while allowing people worldwide to transact more freely, cheaply and securely.
But while stablecoin legislation has received bipartisan support, it has also faced targeted pushback, particularly from Democrats concerned about systemic risks and conflict of interest—especially since the Trump family’s crypto company announced the creation of its own stablecoin. Critics also warn of another potentially significant side…
