Speculation and rumors are circulating as the pending regulations for #stablecoin in the United States are said to be closer than ever.
Information on social media is raising the possibility that these regulations could lead to further developments in national regulatory frameworks.
Stablecoin regulations are approaching
According to a new report, congresswoman Maxine Waters claims that stablecoin regulation is very close to being signed in the United States:
“Recent: Maxine Waters says stablecoin deal “very close”
Although the cryptocurrency industry as a whole is still wondering when there will be regulation for the entire industry, there is growing confidence that stablecoins will be further demystified.
On Jan. 16, it was reported that Circle CEO Jeremy Allaire said there is a “very strong chance” that stablecoin regulation will be passed in the US by 2024.
Stablecoins offer benefits such as faster and cheaper payments compared to traditional banks. However, the regulation aims to create a level playing field for both money services and customers. Stablecoins must maintain a 1:1 ratio to fiat currency and must comply with regulation as a store of value.
Furthermore, stablecoin issuers must be classified as money services businesses and comply with tax regulations related to these entities.
Stablecoin market capitalization
The stablecoin market is in a prolonged downturn due to recent political instability. According to an October 2023 BeInCrypto article, since May 2022, the market capitalization of stablecoins has decreased by 35%.
The latest data from #DefiLlama shows that the total market capitalization for stablecoins is $135.94 billion.
According to CoinMarketCap, #Tether (USDT) remains the largest stablecoin in terms of market capitalization.
Currently, Tether's market capitalization is $96.13 billion. It accounts for about 70% of the total capitalization of the stablecoin market.
Meanwhile, #USDC holds a market capitalization of approximately $27.5 billion, while DAI stands close to a market capitalization of approximately $5.3 billion.
Source: https://tintucbitcoin.com/quy-dinh-ve-stablecoin-sap-duoc-thong-qua-tai-my/
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