US Treasury Department Advocates for CBDC Over Stablecoins
Wednesday, 30 October 2024, 15:06
US Treasury Department's Assessment on Stablecoins
The U.S. Treasury Department has expressed serious concerns regarding the growing influence of stablecoins in the financial market, especially their accumulation of T-bills. As fintech advances, the need for a Central Bank Digital Currency (CBDC) has never been more apparent.
Key Highlights of the Treasury's Position
- The treasury fears the stablecoin market's rapid growth could disrupt traditional finance.
- A shift toward a government-backed CBDC could provide stability.
- Stablecoins raise regulatory questions that need addressing.
In light of these developments, embracing a CBDC could redefine the future of money and eliminate reliance on private stablecoins.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.