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From @WSJopinion: If other countries are successful at bolstering their currencies’ influence while dumping Treasury debt, the U.S. will need to find new ways to make the dollar more attractive, writes Paul D. Ryan. https://t.co/jXRXkyFiXR
USD-backed stablecoins are ruling the crypto scene, making up almost 90% of all transactions. In 2024, they boasted an average weekly volume of $270 billion—70 times that of Euro-backed stablecoins. Though Euro-backed stablecoins account for just 1.1% of transactions, their… https://t.co/rATmHEOUZt
What if I told you that the path to US solvency runs through crypto? The key ingredients = stablecoins + BTC STEP 1: Supercharge dollarization through widespread promotion of USD stablecoins. Functionally, stablecoins are the new eurodollar, and will play a critical role in… https://t.co/yqV12ZZNUe
USD-backed stablecoins have become a dominant force in the cryptocurrency market, accounting for nearly 90% of all transactions and averaging a weekly volume of $270 billion in 2024. This significant market share underscores the strategic importance of stablecoins to the U.S. economy, particularly as oil trade moves away from exclusive reliance on the USD and national debt interest is projected to grow from $850 billion to over $2.5 trillion annually in the next four years. Former Speaker of the House Paul Ryan, in a WSJ opinion piece, has emphasized the role of dollar-backed stablecoins in maintaining the dollar's attractiveness and supporting U.S. public debt. Notably, 58% of stablecoins are on Ethereum. Euro-backed stablecoins, while growing, still only account for 1.1% of transactions.
