Experts in the crypto and financial services industry have stated that the USD could use stablecoins to stay as the global reserve currency.
A recent opinion piece in a leading economic daily has shared some interesting insights into crypto. The piece’s authors have significant experience in the crypto and financial services industry.
One of them, Brian Brooks, is a veteran of the crypto industry and has also worked with the government. The other, Charles Calomiris, is a reputed academic. Both have written in detail about how stablecoins could help the USD as the global reserve currency.
Both experts have backed stablecoin legislation, explaining how it could enable the adoption of blockchain assets. Fortunately, the US has seen considerable progress in 2023 for a stablecoin bill.
According to the experts, the world is now seeing nations adopting currencies other than the USD as reserves. They termed it as ‘dedollarization’ and said the USD was losing the status it assumed after the Second World War.
They stated how stablecoins and other blockchain assets could significantly help the USD in such a scenario. They mentioned a few cases where countries made trade deals with others using currencies other than the USD.
They emphasized stablecoin legislation and said, “If stablecoins flourish, citizens of other countries will increase the demand for dollars independent of (and perhaps contrary to) their governments’ political decisions.”
The opinion piece could be a bright sign for the crypto industry. Experts and industry captains have also been continuously spelling out the benefits of crypto assets.