According to Jerome Powell, stable digital coins may become a payment instrument in the future, but for this they need a regulatory framework that does not yet exist in the United States.
US Federal Reserve Chairman Jerome Powell, speaking before the House of Representatives, called for the extension of the rules for dealing with bank deposits and mutual funds to stablecoins, Decrypt reported .
“It’s very simple: this is an economic activity, very similar to bank deposits and money market funds, and it needs to be regulated in a comparable way,” – explained the head of the Fed.
Powell also admitted that stablecoins can become part of the “payment universe”, unlike cryptocurrencies, but for this, stable digital coins need a regulatory framework that does not yet exist in the United States.
A stablecoin is a digital coin whose value is tied to a specific physical asset. The first such digital currency, USDT from Tether, appeared in 2015. It is pegged to the value of the US dollar in a 1: 1 ratio.
In June, billionaire Mark Cuban called for regulation of stablecoins , who suffered losses due to the sharp depreciation of the Titan token from $ 60 to $ 0.
According to Cuban, there should be a clear regulation of the issue of stable blocks and the rules for ensuring its liquidity.