Why New U.S. Crypto Rules Will Reverberate Globally
Stablecoin legislation set to pass next week will boost the use of crypto payments as well as the influence of the dollar.
The most important cryptocurrency bill in history could become law next week, but its immediate effect on everyday Americans will be negligible. Instead, the biggest impact will occur overseas, where it will boost both crypto and the dollar in the global economy.
The law will bolster confidence in stablecoins, cryptocurrencies pegged to a traditional asset, generally the U.S. dollar. Individuals and businesses across the world—from Argentina to Turkey—have embraced stablecoins to deal with volatile currencies, avoid capital controls and make payments.