Pushing the United States to maintain the dominance of the global dollar by adopting Stablecoin can have unintended benefits for Bitcoin as it stands out as a possible national reserve origin.
During the Crypto Summit at the White House on March 7, US Treasury Secretary Scott Besent said that the US government would use Stablecoins to ensure the US dollar remains the world reserve currency in the world.
“We will put a lot of thinking about the Stablecoin system, and as President Trump directed, we will keep the United States [dollar] “The dominant reserve currency in the world.”
The Treasury Secretary also repeated the Trump administration’s promise to end the war on encryption and commitment to directing the previous internal revenue service and punitive regulatory measures.
President Trump delivers a letter to the White House encryption summit. Source: Associated Press
The comments came before Trump signed an executive order establishing a baccalaureate reserve (BTC) using an encrypted currency confiscated in government criminal cases. Although it does not include direct federal bitcoin purchases, it represents a shift in how to see the government in the encrypted currency.
Bitcoin may benefit from the increasing and pressure Stablecoin adoption for more regulatory clarity, according to Omri Hanover, General Manager of Gems Trade Blockchain Launchpad.
“If Trump’s US financial domination is strengthened, the hesitation approach in Europe and the” waiting and vision and vision “approach may weaken its economic influence,” he told Cointelegraph.
“This gap is established in the market: the United States is speeding up the institutional adoption of Bitcoin, and the capital of the capital; the European Union gives priority to compliance, and risks the transformation of capital to the American markets.”
Meanwhile, two major draft laws are awaiting approval of Congress: Stablecoin Bill and the Market Temple Bill, which aims to help raise organizational uncertainty about the American encryption industry.
Meanwhile, pro-profit lawmakers focused on two main legislative priorities and clarity of the general market structure-which will help raise organizational uncertainty about the American encryption industry. However, no relevant bills have been approved by Congress.
Related to: The American Bitcoin reserves represents the “real step” towards global financial integration
Stablecoin’s growing source profits may flow to Bitcoin investments
The increasing profits of Stablecoin Exporters can contribute to Bitcoin’s investments, which increases its enhancement as a value store.
Tether, the world’s biggest source in the world, USDT (USDT), said it will invest 15 % of its net profit in Bitcoin to diversify its support assets.
Bitcoin’s Tether has proven profitable when the company recorded a record profit worth $ 4.5 billion for the first quarter of 2024.
Nearly one billion dollars stems from the operating profits derived from the US Treasury’s holdings, while the remaining $ 3.52 billion consists of market gains to the market in Bitcoin’s possessions of the company and golden sites.
Tether Financial Reserves, Q1 2024. Source: pregnancy
Related to: Paulo Erdino: Competitors and politicians intend to “kill the rope”
Tether “BC1Q” currently has more than 6.8 billion dollars from Bitcoin, making it the sixth largest pregnant in the world, bitinfocharts Data appears.
Bitcoin Holdings received the company on $ 5 billion in profits during 2024, out of its annual profit of $ 13 billion.
https://www.youtube.com/watch?
magazine: Bitcoin’s possibilities in June, SOL 485 million dollars, and more: Hodler’s Digest, 2-8 March
Related Articles
