In recent days, there has been increased talk of establishing a regulatory framework for dollar-pegged stablecoins instead of creating a US strategic reserve of Bitcoin.
On February 6, 2025, Representatives French Hill and Brian Steele introduced a new bill to regulate the issuance and operation of stablecoins, with the aim of strengthening the dollar’s global standing and protecting investors.
Many policymakers, such as Tim Scott, see stablecoins as potentially expanding the dollar’s reach in emerging markets and promoting financial inclusion.
This is in line with previous efforts such as the Clarity Act of 2023, but is distinct from the GENIUS project, which regulates large-cap stablecoins.
For your information, the STABLE Act requires stablecoin issuers to obtain permission from the Office of the Comptroller of the Currency and back their assets with secure reserves, which could directly impact Tether.
According to JPMorgan, Tether may have to sell part of its Bitcoin holdings to comply with the new rules, which its CEO Paolo Ardoino denied.
The goal of these regulations is not only to reduce risks but also to strengthen the dollar’s global dominance, at a time when some countries are increasingly trying to reduce reliance on it.
Experts believe that stablecoins make the dollar more accessible and widespread, which increases demand for it and supports the US economy.
With the rise of stablecoins, the United States is moving to adjust the regulatory framework to avoid potential risks, while stablecoins continue to achieve remarkable growth globally.
Accordingly, regulating stablecoins has become more necessary and closer than ever, while the strategic reserve of Bitcoin is also moving slowly but steadily, as several US states have submitted a bill in this regard awaiting approval.
