Eric Trump, son of US president Donald Trump and a businessman with many crypto adventures, Stablecoins said it would maintain the strength of the US dollar.
In an interview with the New York Post Na -Published Friday, Eric Trump said he was convinced Stablecoins will “saving the US dollar.” He featured USD1, Stablecoin tied to the Trump family’s Crypto project, World Liberty Financial, which has drawn an investigation in Washington.
When World Liberty Financial (WLFI) plans-a project supported by the Trump family-was expressed in late March, critics increased the conflict of interest concerns. Attorney Andrew Rossow told Cointelegraph at that time Stablecoin is “a direct deal of constitutional protection meant to avoid conflicts of interest. “
In April, US representative Maxine Waters, who ranked the US House financial committee committee, went to suggest that Donald Trump is looking to replace the US dollar with his stablecoin:
“Trump wants the whole government to use stablecoins from payments made by the Department of Housing and the city’s development, to Social Security payments, to pay taxes. And which coin do you think Trump will replace the dollar? Himself, of course.”
Contrary to interests in interest
Five Democratic Senators warned in a letter of March That the direct financial stake of a sitting on a stablecoin has led to “unmistakable risks in our financial system.”
Later the Trump administration Advanced US Stablecoin regulation in the Genius Actsigned by President Trump in law on July 18. Next month, critics pointed to the US president’s personal fate Grows up by approximately $ 2.4 billion From his crypto -related adventures since entering the space in 2022.
In early August, Crypto-Skeptic US Senators Elizabeth Warren, along with Senators Chris Van Hollen and Ron Wyden, wrote a letter to the Currency Comptroller’s office expresses concerns over potential conflicts of interest involving interests in the business of the Trump family’s crypto business. In the letter, senators expressed their concern about recently approved Stablecoin law:
“Notably, the bill has done nothing to prevent President Trump, his family, or his financial affiliates benefiting from the release and sale of stablecoins and their use of transactions.”
Related: European risk to USD dominance without standard StableCoin rules: ECB advisor
Will Stablecoins help the US dollar?
Eric Trump was not the first person to claim that Stablecoins would strengthen – or protect – the dominance of the US dollar. Back in February, Federal Reserve Bank governor Christopher Waller said he supported the adoption of Stablecoins because they will “expand the dollar reaches worldwide And make it more of a money reserve than today. “
Layerzero Labs founder and CEO Bryan Pellegrino said in early April that Stablecoins is the best tool for the US government Keep the US dollar’s hegemony in the global financial market. He said Stablecoins could be “the last Trojan Horse or vampire attack on every single other currency in the world.”
Related: Regulated Multicurrency Stablecoins will end with the dollar monopoly
Others do not agree. European Asset Manager Amundi suggested in early July that new, more lovely stablecoin regulation may Threat the long -term dominance of the US dollar.
Magazine: Crypto wants to overthrow banks, now they turn into the stablecoin fight
