The broader promise of Stablecoins, cryptocurrencies whose value has been tied to another owner, has remained elusive to this day due to uncertainty in the regulation, broker Canaccord said in a research report on Wednesday. The Passing the Genius Act In the US Senate everything changed, it said.
The law, whose full name is Guide and Establishment of National Innovation for the US Stablecoins Act. Due to the support of the bill of bill, the Stablecoin law in the US is almost here.
“Stablecoins represent a real layer of money added to the Internet – in essence that can be programmed money,” Canaccord said.
“The promise of Stablecoins in finding use cases beyond as a crypto trading pair may be in reach” because “the following stablecoins are effectively recognized by the US government similar to cash,” written by analysts led by Joseph Vafi.
Stablecoin values are tied to assets such as the US dollar or gold. They play a major role in cryptocurrency markets that provide, among other things, a payment infrastructure, and are also used to transfer money around the world.
Canaccord sees Stablecoins as “provides real productivity at the speed of money and capital balances working in business.” Stablecoins allow transactions to be processed immediately and significantly cheaper than traditional routes.
Provided their requirement to fully ma -back, the following stablecoins can be a significant resources of demand For short -term US treasury, Canaccord said.
“Genius Compliant Stablecoins can be a driver in the dollar of the global economy as their use spreads the cross border,” wrote the scandal.
Stablecoin adoption will help promote the broader crypto industry, the report added.
Read more: Stablecoins to change to ‘Internet rail’ when Genius Act is passed: Bernstein
