With legislation to create a regulatory framework for Stablecoins at the American Conference, the main banks are said to discuss the common Stablecoin version that can provide commercial customers with different benefits.
The National Innovation and Establishment Act of the Stablecoins Law (genius) can become a law this summer after taking an important procedural step last month in the Senate. Meanwhile, industry participants are preparing. In April, Wall Street Magazine She mentioned that many cryptocurrency companies, including Circle, the main stablecoin exporter and encryption operator, will seek banks ’covenants. In late May, the newspaper broke the news related to the companies ’plans shared by JPMorgan Chase, Bank of America, Citigroup and other large banks, including early warning services and clearing house, to release common Stablecoins.
The Trump administration has issued explanatory messages that agree to banks to provide encryption services, including retaining reserves that support Stablecoins.
David Estop, President of Fintech at Crisil, says Circle’s USDC Stablecoin is widely used in financing encrypted institutions. In contrast, Tether USDT is preferred by companies that prefer to deal with US dollars instead of volatile local currencies. Usdc and USDT are connected to dollars.
Ripple’s XRP enabled border payments for several years, but most of them still travel via a network of correspondence banks. Mike Johnson, commander of the American financial services solutions for digital assets and taxes, says complex wire payments currently take from one to three days can be settled immediately using Stablecoins.
“The costs of transactions can decrease from traditional wired fees from 10 to 50 dollars to less than $ 0.01,” he says.
Johnson also notes that Stablecoins can enable instant intercement and more graceful liquidity management, adding, “Stablecoins can also offer faster and lowest options for border salaries, contractor payments, and transfers.”
However, according to Easthope, it is still unclear whether the advantages of the bank that was released in Stablecoin will attract companies away from those that you may already use or even from the traditional technology integrated on its current platforms.
“You will test banks and learn within the criteria of the law of genius, and customers will vote with Stablecoins,” he added.
