🔥🔥🔥 #BlackRock could open the door to US-regulated #Stablecoins
Wall Street's growing interest in the stablecoin market is set to accelerate regulatory changes and possibly pave the path for a non-governmental alternative to a central bank digital currency (CBDC) in the U.S.
Ryan Sean Adams, a crypto investor, underscores the significance of recent developments, particularly Circle's introduction of off-ramps in USD Coin ($USDC ) for BlackRock's tokenized fund. Adams believes this move, coupled with other major banks' involvement, will drive stablecoin adoption in the U.S.
Circle's collaboration with BlackRock is noteworthy. The partnership, which includes BlackRock's investment in Circle's funding round and management of the Circle Reserve Fund, strengthens the integration of stablecoins with traditional finance.
Adams highlights the introduction of the BlackRock BUIDL fund on #Ethereum as a crucial step, establishing a robust link between U.S. Treasuries and USDC. Additionally, Circle's planned IPO is expected to further mainstream stablecoins.
Adams predicts increased alignment of banks with stablecoin initiatives, whether through acquisitions, partnerships, or exerting influence over crypto-native companies. He anticipates these institutions will advocate for stablecoin legislation, shaping the digital currency landscape in the U.S.
BlackRock's significant presence in the crypto sector, managing assets like the iShares Bitcoin Trust, and the launch of the BUIDL tokenized fund offer investors exposure to traditional assets through tokenized shares.
Source - cointelegraph.com