Re: Stablecoins will become the next CBDCs

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Scraped on 07/06/2025, 22:20:45 UTC

Quote from: Abiky on June 06, 2025, 07:53:01 PM

Forget CBDCs. Stablecoins are the next big thing. Why bother making a new digital currency from scratch, when governments can already use stablecoins and make it their own? They can introduce laws to help require stablecoin issuers to force KYC/AML compliance and give them complete control of the system. In such an scenario, central banks will cease to exist as monetary policy will lie directly in the hands of governments and corporations.

I think that's precisely what the Trump administration is doing. Trump signed an executive order to prevent the creation of a US CBDC. But the new GENIUS act (meant for regulating stablecoins) could be the path towards making US-backed stablecoins the official digital currency of America. In other words, stablecoins will indirectly become the new CBDCs. I'm talking about Tether USD (USDT), USD Coin (USDC), USD1, and the likes. At least, that's how I see it.

Wouldn't you agree? Share your thoughts/opinion below. Thanks.

So when you are comparing this to CBDCs, i am assuming that you are talking about basically replacing banks with other companies like Tether,? A company that didn't even bother to meet up current regulations in EU. You think they would be more transparent are responsible then banks that are actually following the transparency requirements? I am not sure who this idea would benefit.

And it's not just banks. You are talking about replacing SWIFT (Society for Worldwide Interbank Financial Telecommunications). At least CBDCs were planned for that. So you think they want slower tech to replace working tech and that's somehow now scalable to the whole US? Why would this be better?

I believe that it stablecoins can thrive without trying to replace the current system so why it would need to be replacement?

Not to mention that majority don't understand how anything crypto related works and get constantly scammed because they can hardly use existing tech (which is as easy as it can be). Forcing people to use complex new systems isn't beneficial.

Original archived Re: Stablecoins will become the next CBDCs

Scraped on 07/06/2025, 22:15:58 UTC

Quote from: Abiky on June 06, 2025, 07:53:01 PM

So you are talking about basically replacing banks with other companies like Tether, that didn't even bother to meet up current regulations in EU. You think they would be more transparent then banks that are actually following the transparency requirements? I am not sure who this would benefit.

And it's not just banks. You are talking about replacing SWIFT (Society for Worldwide Interbank Financial Telecommunications). So you think they want slower tech to replace working tech and that's somehow now scalable to the whole US? Why would this be better?

I believe that it stablecoins can thrive without trying to replace the current system so why it would need to be replacement?

Not to mention that majority don't understand how anything crypto related works and get constantly scammed because they can hardly use existing tech (which is as easy as it can be). Forcing people to use complex new systems isn't beneficial.