Stablecoins, especially those pegged to the US dollar, play a critical role in supporting the American economy, according to Howard Lutnick, CEO of Tether Holdings' custodian Cantor Fitzgerald. These stablecoins contribute to economic stability by increasing the demand for US Treasury bills.
Lutnick voiced his support for stablecoins during a Chainalysis Conference, highlighting the continued importance of the dollar's global hegemony.
âThe dominance of the dollar is critical for the United States,â said Lutnick, emphasizing the importance of stablecoins such as Tether (USDT) and Circle (USDC) in supporting the American economy.
Stating that stablecoins backed by fiat currencies increase the demand for US Treasury bills, Lutnick also stated that they do not pose a systemic risk to the global financial system.
The CEO's comments come as debate continues over the role of stablecoins in the crypto market and their impact on traditional financial systems.
With Tether's $107 billion market cap and Circle's $32.25 billion USDC, stablecoins have become an integral part of crypto trading, serving as funding currencies and collateral for derivatives.
During periods of market volatility, stablecoins have served as a haven for investors, providing stability amid fluctuations in other digital assets.
Despite concerns about Terra's algorithmic stablecoin UST in May 2022, Tether maintained investor confidence by fulfilling its redemptions and reassuring the market about its reserves.
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So who will benefit?
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I EXPLAIN IN DETAIL.
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