The Importance of Stablecoins

Blockchain-based assets backed by bank deposits and treasury securities are at the heart of a dollar-based revolution happening throughout the developing world. House Financial Services Committee Chairman Patrick McHenry's bill to regulate stablecoins is vital. It would establish federal and state oversight for stablecoin issuers, impose qualifications for reserve assets, and implement rules on redemptions and public disclosure. Any tool that could boost the US dollar should be considered.