Stablecoins, Not Bitcoin, In Focus At First U.S. Digital Assets Subcommittee Hearing
Discussion
I still don't understand why the US government wants a stablecoin. They already have the dollar, 80% of which is digital already and is completely controllable on where it is spent. It makes no sense
Stable coins would let the fed sell debt to the whole world through an app.
Sell debt? I'm not sure what they means. The fed doesn't sell debt. They create dollars, they don't need to sell debt, lol.
You mean the Treasury? They already do through Treasurydirect.gov.
Yes we need debt buyers. Someone has to buy dollars if China and Russia won’t
Hmm. 2 things.
1) Currently, there is a major shortage of dollars globally. Hence the global strength.
2) I still don't know what you meant by the fed selling debt via an app with stablecoins.
Ummm, ok. What does tether buying treasuries have to do with your claim the government holding in reserve or wanting stablecoins allows the fed to sell debt globally??
It also doesn't have a real effect on the dollar money supply. In order for Tether to buy treasuries, they need to mint USDT. They don't mint out of thin air. They get collateral(payments) to mint. All they are doing is taking dollars, euros, Bitcoin, etc .. and minting USDT. They then either hold or sell those assets for treasuries to enhance their corporate profits.