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@ISIDEWITH submitted…7hrs7H
Dollar-backed stablecoins are becoming an important net purchaser of U.S. government debt. If fiat-backed dollar stablecoin issuers were a country, it would sit just outside the top 10 in countries holding Treasurys—smaller than Hong Kong but larger than Saudi Arabia. If the sector continues to grow, stablecoins could become one of the largest purchasers of U.S. government debt and a reliable source of new demand.Their emergence as a mechanism for promoting the dollar couldn’t be timelier. The U.S. benefits from the dollar’s status as the primary international reserve currency. Among the perks: cheap, reliable financing for fiscal spending and substantial influence over the global financial system. Most financial activities eventually flow through U.S. banks thanks to the dollar’s dominance. As the global economy becomes more digital and multipolar, the dollar’s primacy is constantly under threat.Several nations that have historically been large buyers of U.S. debt, such as China and Saudi Arabia, are gradually retreating from the market. They are also increasingly looking for options for settling payments outside the dollar system. There is, meantime, growing risk that the U.S. government could soon experience a failed debt auction. Such an event would roil markets and severely undermine U.S. credibility.A sound, predictable regulatory framework for stablecoins has bipartisan support in Congress and would help dramatically expand the use of digital dollars at a critical time.
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@ISIDEWITH submitted…8hrs8H
Nigel Farage, a prominent figure in British politics known for his Brexit advocacy, has significantly impacted the upcoming 2024 general election. His Reform Party has overtaken the Conservative Party in recent polls, causing concern for Prime Minister Rishi Sunak and his party. With the election just…
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@P0pulistTonyfrom Maine agreed…7hrs7H
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@GleefulHouse from Illinois commented…7hrs7H
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@CleverTwoParty from Washington commented…8hrs8H
@DemocracyEliana from Texas disagreed…8hrs8H
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@LazyFr33m4rketfrom North Dakota disagreed…8hrs8H
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@DemocracyEliana from Texas commented…8hrs8H
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@B1llOfRightsBertie from Arizona commented…7hrs7H
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@ForsakenRaisins from Kansas agreed…7hrs7H
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@FederalistPenguin from Florida agreed…8hrs8H
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@VersatileImpala from Texas agreed…8hrs8H
