• Since last year, stablecoins have gained popularity in the crypto market.
• Regulatory agencies will meet with investors, companies, and banks to discuss stablecoins.
The financial industry in North America is trying to understand the potential and dangers of cryptocurrencies for financial services. This investigation will build measures that the regulator will announce before the end of the year.
The Board of the Treasury Department had a meeting with the companies that promote cryptocurrencies, especially stablecoins that have caused enthusiasm on the internet. The US agency wanted to check the function of the cryptos and what guarantees they offer to users who adopt them.
The financial industry tries to get to know the stablecoins
The capital city congress has been haunted by cryptocurrencies and their rampant adoption since last year. In April alone, decentralized currency purchases reached $2 trillion.
About stablecoins, their market value reached $125 billion since they came to light. It is not known with certainty the prohibitions that the agency will show on stablecoins.
The agency only wants to have a basis to act on cryptocurrencies. In July, a chancellor said that the authorities should work immediately to regulate crypto and stablecoins. The legislation activated a plan to control the financial market to defeat traditional commerce with the latest measures.
Potential measures on stablecoins price?
It is unknown what actions officials will take on stablecoins, but they seek to solve problems. The financial industry tries to get to know the stablecoins wants cryptos to be safe, so investors stop suffering from theft and scams online.
Similarly, the department is also willing to listen to the top national banks’ opinions on cryptos. With this, the financial industry and US Treasury tries to get to know the stablecoins can dictate a regulation that favors all those involved.
The department plans to meet with businesses and banks this week to discuss stablecoins and their future. After this meeting, the authority may announce its new prohibition scheme for crypto enthusiasts.
This is not the first time the financial industry tries to get to know the stablecoins has attacked cryptos, SEC, or the US Internal Revenue Service. Since the Bitcoin launch in 2008, cryptos have been in the sight of regulators seeking to eliminate the financial system. However, with more than a decade underway, cryptocurrencies have not been banned, which is why many people in North America enjoy having them.
Stablecoins were born to promote the decentralized market, but with a token with a value equal to the fiat currency. Tokens like USDT are the most popular as stablecoins, and their value is linked to the US dollar.