Stellar CEO Denelle Dixon highlighted the need for a stablecoin regulatory framework for the US to keep the dollar strong in the global market. With the crypto industry being under strict surveillance by US financial regulators and the dollar slowly losing its hegemony in the world market.
The CEO and Executive Director of Stellar Development Foundation Denelle Dixon highlighted the need for a stablecoin regulatory framework in the US to keep the dollar strong, as the vast majority of stablecoins are pegged to the US dollar.
In her interview on April 11 with Bloomberg Live she said “If we want a strong US dollar globally, a USD stablecoin is a way to see that happen” She spotlighted the US need for a stablecoin regulatory framework if it wants to set standards and prevent the formation of a bifurcated world where there will be an outside legislation friendlier to the crypto industry than US and US consumers shall still be wanting to leverage this technology.
She adds that such regulation should focus more on the utility and value to users than on the tech stalk. She says “Stop talking about technology and start demonstrating its utility.” With over $133 billion in circulation and around 10.5% of the entire crypto market capitalization stablecoins represent an integral part of the crypto industry.
As the vast majority of America’s stablecoins are pegged to us dollars, Denelle Dixon says that it is paramount for the US to come up with proper legislation for its regulation it wants to maintain the hegemony of the dollar in the global market.