During the 2024 elections, the crypto industry spent an unprecedented amount of money on campaign donations in the hopes of encouraging Congress to pass pro-crypto legislation. Those efforts seem to have largely succeeded, with pro-crypto legislators filling the halls of Congress. The first crypto-related area they’ve decided to tackle? Stablecoin regulation.
Stablecoins are cryptocurrencies designed to hold the value of a U.S. dollar. Proponents argue that stablecoins help the U.S. preserve the global importance of the dollar, while allowing people worldwide to transact more freely, cheaply, and securely. Stablecoin usage is growing enormously: its total market cap is around $235 billion, up from $152 billion just a year ago.
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