The absence of clear regulations in the US is hindering the issuance of stablecoins by institutions, unlike in Japan where a legal framework for stablecoins was established in June 2022. The law mandates stablecoins to be pegged to the yen or another legal tender and only issued by licensed financial institutions. This move will ultimately benefit everyone by bridging the gap between traditional finance and decentralized finance. However, proposed bills on stablecoin regulation in the US are still uncertain, and large US banks may be slow to adopt stablecoins as they want customers to continue paying wiring fees. The market capitalization of USD Coin ($USDC) was just under $29 billion on Thursday, and Tawil believes that the US may only take action on stablecoins when it feels threatened by other countries. Stay informed on crypto news by subscribing to Blockworks' free newsletter or joining their Telegram group and following them on Google News. For more comprehensive analysis and trade ideas, check out Blockworks Research's Daily Debrief.
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US Regulatory Uncertainty Hinders Stablecoin Adoption, While Japan Prepares to Issue Under New Law
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