The US is poised to regulate its burgeoning stablecoin market. The House Financial Services Committee recently approved a stablecoin bill, sending it to the House for a final vote. Reports suggest the committee’s Digital Assets Subcommittee collaborated with Tether, issuer of the leading stablecoin USDT, valued at over $144 billion, in drafting the proposed regulations. This collaboration highlights the significance of industry input in shaping the regulatory landscape for digital assets. If passed, this bill will establish comprehensive guidelines for stablecoins operating within the US, aiming to foster innovation while mitigating potential risks to consumers and the financial system. The legislation’s fate now rests with the full House vote, marking a crucial step in defining the future of stablecoins in the US.
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