The latest stablecoin bill, if passed, could embolden banks to step into the stablecoin market, according to S&P Global Ratings.
The latest stablecoin bill introduced in the Senate, if passed, could embolden banks to step into the stablecoin markets, according to ratings agency S&P Global Ratings.
"An approval of the stablecoin bill would accelerate institutional blockchain innovation, in particular for tokenization or digital bond issuances involving on-chain payments," the ratings agency said. "The growth of institutional use cases for stablecoins would create opportunities for banks as stablecoin issuers and may also reduce Tether’s dominance in the global stablecoin market.
Tether's dominance in the stablecoin market globally could slow since it is issued by a non-U.S. entity and is not allowed if the bill passes, the ratings agency added.
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