The “mainstreaming of stablecoins” could prove as big as or bigger than the U.S. spot bitcoin ETFs, according to Bitwise CIO Matt Hougan.
Bitwise CIO Matt Hougan has suggested that if Congress passes comprehensive stablecoin legislation this year, it could prove as big as or bigger than the launch of the U.S. spot bitcoin exchange-traded funds in terms of crypto adoption.
In a note to clients on Monday, Hougan suggested this had gone under the radar — arguing that “it looks like Congress may actually pass comprehensive stablecoin legislation this year,” with Waters indicating the deal already has widespread support. Firstly, as Federal Reserve Governor Waller noted, stablecoins can be good for the U.S. dollar, helping it maintain its position as the world’s reserve currency. Secondly, stablecoin projects are significant buyers of U.S. Treasuries — equivalent to the 16th largest sovereign holder. Thirdly, the sheer financial opportunity.
As the first comprehensive crypto legislation passed by Congress, the Bitwise CIO argued the bill would enable banks like JPMorgan to enter the space and move from “foes to friends” in parts of the crypto ecosystem. “Millions of people and corporations would be introduced to the speed, low costs, and ease of use that crypto wallets, stablecoins, and blockchain-based payment rails offer,” he added.
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