It is thought that stablecoin approval from the USA may exceed the volume of spot Bitcoin ETFs.
In a recent statement, Bitwise's Chief Investment Officer Matt Hougan referred to the stablecoin law that the United States is working on. Hougan suggested that the stablecoin law, which is currently being developed and nearing its final conclusion, could surpass spot Bitcoin ETFs if approved.
Citing recent developments in the US Congress, Hougan predicted that the stablecoin law could come into force by the end of this year. Focusing on the dominance of Tether, the largest stablecoin issuer, in the market, the CIO stated that Wall Street may want to get a share from this area.
Hougan pointed out, for example, that last year Tether made a profit of $6.3 billion with 125 employees, while Goldman Sachs made a profit of $8.5 billion with 45,000 employees.
Emphasizing that this type of integration can promote the cryptocurrency market more effectively than spot Bitcoin ETFs, CIO included the following statements in the details of his statement:
“Millions of people and companies will experience the speed, low cost and ease of use offered by crypto wallets, stablecoins and blockchain-based payment infrastructure.”
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