U.S. Congress to introduce new draft invoice for stablecoins

A brand new draft invoice offering a framework for stablecoins in america was printed on the Home of Representatives’ doc repository, a number of days earlier than a listening to on the subject on April 19. The draft places the Federal Reserve accountable for non-bank stablecoin issuers, resembling crypto companies and Circle, respectively issuers of Tether (USDT) and (USDC).

Stablecoins are a category of cryptocurrencies that try to supply buyers value stability by being backed by particular property or utilizing algorithms to regulate their provide primarily based on demand. Stablecoins had been launched in 2014 with the discharge of the BitUSD.

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