Understanding the Role of Stable Currency in Payment and the Necessity of Legislation

04/20/2023 03:45 • Digital Disruptors • 118 views

It is reported that, according to Circle’s official blog, the issuer of the USDC stable currency attended the hearing on Understanding the Role of Stable Currency in Payment and the Necessity of Legislation held by the US Congress on April 19. Dante Dispatche, Circle’s chief strategic officer and global policy director, said that the transmission of the USDC stable currency is in the form of electronic cash denominated in US dollars, which can simultaneously improve the economic competitiveness and national security interests of the United States. Over time, as long as the regulatory framework in the United States is in place, a form of digital dollar will emerge, which has legal certainty, the transferability of internet scale, basic protection (including equal redemption rights for issuers in bankruptcy, privacy), the rule of law, and other key features. The only way to achieve this goal is for the United States Congress to enact comprehensive payment stability currency legislation.

Circle: USDC can enhance US economic competitiveness and national security interests

Introduction

– Explanation of stable currency and its importance in the world economy
– Brief explanation of the hearing attended by Circle’s CEO
– Purpose of the article: to discuss the benefits of stable currency and the necessity of legislation in the US

What is Stable Currency?

– Definition of stable currency and its purpose
– Explanation of the different types of stable currency (backed, algorithmic, and hybrid)
– Importance of stable currency in the world economy

The Emergence of USDC Stable Currency

– Overview of USDC stable currency and its features
– Benefits of USDC stable currency, including stability and transparency
– Circle’s role in the development and issuance of USDC stable currency

The Role of Stable Currency in Payment

– Explanation of the current payment system and its limitations
– How stable currency can improve cross-border payments and reduce transaction fees
– Inclusion of the unbanked and underbanked population in the financial system through stable currency

The Need for Legislation

– Lack of regulatory framework for stable currency in the US
– Risks associated with stable currency without proper legislation
– Importance of legal certainty and the rule of law in stable currency

The Congress Hearings

– Overview of the hearing on stable currency attended by Circle’s CEO
– Key points discussed during the hearing
– The role of Congress in enacting comprehensive payment stability currency legislation

The Future of Stable Currency

– The potential for a form of digital dollar with built-in legal certainty and equal redemption rights
– Benefits of digital dollar, including transferability and privacy
– Importance of comprehensive payment stability currency legislation in achieving digital dollar

Conclusion

– Recap of the benefits of stable currency and the need for comprehensive payment stability currency legislation
– Call to action for Congress to enact legislation that would support the development and issuance of stable currency in the US

FAQs

1. What are the benefits of stable currency?
2. How can stable currency improve cross-border payments?
3. What role does Congress play in enacting legislation for stable currency?

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