US Senators Fail to Find Stable Ground on Stablecoins

Stablecoins are not used to pay for real-world goods or services, but are instead a speculative tool for the “shadiest part of the crypto ecosystem,” Democratic Senator Elizabeth Warren said during a hearing on stablecoins in the US Senate Banking Committee yesterday. Others, meanwhile, stressed that stablecoins are likely safer than traditional banks, and that it would be “inappropriate” to regulate them as banks.