Stablecoins Fuel Treasury Demand; Crypto Support Surges in Congress
CryptoNewsTerminal Staff04 Jun, 2024
Stablecoins Fuel Treasury Demand; Crypto Support Surges in Congress
Stablecoins are gaining traction as a way to increase demand for US Treasuries, according to Pranav Kanade, fund manager at VanEck Digital Assets. Kanade believes that stablecoin issuers favoring US Treasuries as a reserve asset will drive demand for Treasuries overseas. Moreover, with appropriate regulations, the stablecoin industry, currently valued at $160 billion, could grow exponentially. Despite President Biden's rejection of a resolution to classify crypto as a commodity, bipartisan support for crypto is growing in Congress. This indicates a shift in sentiment towards crypto and its potential role in the financial landscape.
