Former Speaker of the House of Representatives Paul Ryan, in an article published in the Wall Street Journal, proposed an unusual solution to the growing debt crisis of the USA: stablecoins.

Ryan, who has been warning about the country's growing debt for a long time, stated that the FED may organize a Treasury auction to strengthen its balance sheet, but may have difficulty finding buyers. He emphasized that traditional buyers of US debt, such as China and Saudi Arabia, are starting to withdraw and the dollar's status as the global reserve currency is in danger.

Ryan argued that the obvious solution is to reform Social Security and Medicare spending. However, he stated that neither Trump nor Biden were willing to address this politically sensitive issue. That's why Ryan suggested adopting and promoting stablecoins as an alternative solution.

Stablecoins, as cryptocurrencies pegged to a stable asset such as the US dollar, have gained popularity in countries such as Nigeria and Argentina, where citizens distrust their local currencies due to economic instability. According to Ryan, these currencies are low-cost, easy to transfer and embody American values ​​of freedom and transparency.

However, Ryan did not mention a major drawback of stablecoins: that they are difficult to control by the US Treasury. The proliferation of stablecoins could weaken the government's ability to use tools such as the SWIFT banking system to impose sanctions. Despite this, Ryan believes that the benefits of adopting stablecoins will likely outweigh the drawbacks.

According to Ryan, if fiat-backed dollar stablecoin issuers like Tether, USDC, and PayPal were a country, their debt assets in the United States would exceed that of Saudi Arabia. He argued that as other countries seek to strengthen their currencies and divest U.S. Treasury debt, the United States will need to find new ways to make the dollar more attractive. According to Ryan, dollar-backed stablecoins could be part of this solution.

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