Bitwise Chief Investment Officer: Stablecoin legislation may be more influential than US spot Bitcoin ETF
On April 30, Matt Hougan, chief investment officer of digital asset management company Bitwise, said recently that if the U.S. Congress passes comprehensive stablecoin legislation this year, its influence in promoting the large-scale application of cryptocurrencies may exceed the launch of the U.S. spot Bitcoin ETF. On Wednesday, Maxine Waters, a senior Democratic member of the U.S. House Financial Services Committee, said that she and committee chairman Patrick McHenry will soon launch a stablecoin bill. Hougan believes that this important signal is underestimated by the market. He pointed out that the bipartisan consensus in Congress on stablecoin legislation is mainly based on three factors: 1. Stablecoins are conducive to the U.S. dollar maintaining its status as a global reserve currency; 2. Stablecoin projects are the main buyers of U.S. Treasury bonds, equivalent to the world's 16th largest sovereign holder; 3. Stablecoins contain huge financial opportunities, such as Tether, the largest stablecoin issuer, which generated $6.3 billion in profits last year with only 125 employees.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Ethereum: Bitmine Purchases 53,501 More ETH After Selling 131 Million Dollars
Sovereign bond yields hit highest since 2008! US and Japanese government bonds break key levels, why is the global bond market collapsing across the board?
The yield on 10-year US Treasury bonds has surged past 4.78%, approaching the 5% threshold, while the yield on 10-year Japanese bonds has touched 3% for the first time in 30 years. The simultaneous breakout of these two global benchmark sovereign bonds reflects concentrated macroeconomic pressures: Middle East conflicts have pushed oil prices back up to $90, Federal Reserve Chair Powell's hawkish stance has suppressed expectations for interest rate cuts, and a record-high $40 trillion US debt supply and the Bank of Japan's imminent tightening have together created extreme liquidity squeezes on both the supply and demand sides globally.
Solana falls 8.3% as whale wallets and ETF inflows reach new highs
Euro edges lower against British Pound as Germany’s Retail Sales fall more than expected in July
Crypto prices
More
