Brian Brooks, former CEO of Binance’s US branch and acting US. Despite legislators’ reservations, the Comptroller of the Currency feels that well-defined stablecoin policies can help the US dollar.
Brooks told CNBC that a government-backed structure that supports stablecoins while following rules will increase demand and lead to global dollar acceptance. Allowing governments to prohibit stablecoins, he said, might lead to issues.
Stablecoins as a Potential Solution
According to Brooks, stablecoins, which are cryptocurrencies connected to fiat currencies such as the US dollar or other assets, offer a viable answer for nations experiencing significant inflation and restricted access to US dollar bank accounts.
Bringing the Dollar Back to Life
Brooks underlined that stablecoin demand might restore the dollar’s global importance, particularly as other countries seek alternatives to the US currency in the financial system.
Concerns About PayPal’s Stablecoin, According to Brooks
Brooks’ comments come at a time when the industry is paying close attention to stablecoins. PayPal’s launch of a US dollar-pegged stablecoin on the Ethereum blockchain sparked outrage, with prominent Democrat Maxine Waters voicing concern and condemning previous stablecoin legislation.
