US Congress to introduce new draft invoice for stablecoins

A brand new draft invoice offering a framework for stablecoins in the US was revealed within the Home of Representatives doc repository a couple of days earlier than a scheduled listening to on the subject on April 19. The draft places the Federal Reserve answerable for non-bank stablecoin issuers, resembling crypto corporations 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 belongings or utilizing algorithms to regulate their provide based mostly on demand. Stablecoins had been launched in 2014 with the discharge of BitUSD.

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