Stablecoins may be crypto's killer app, but there needs to be regulation in place to allow them to flourish – which could benefit the U.S. dollar, according to Brian Brooks, a partner at Valor Capital Group.
"In many countries where you can't get a dollar bank account, stablecoins are your best solution."
"If only the U.S. government would create a framework that allows dollars to back stablecoins in a regulated way, that demand would flourish," he continued.
This week, payments giant PayPal launched its own dollar-backed stablecoin – a first for a major U.S. financial institution.
"Demand for [stablecoin products are] a way for us to make the dollar relevant again at a time when governments around the world are looking to decouple from the dollar," said Brooks.
Persons:
Brian Brooks, Brooks –, –, Biden, they've, Bernstein, Brooks, It's
Organizations:
U.S ., Valor Capital, PayPal, United States
Locations:
U.S, United