As legislation to create a regulatory framework for stalls is progressing at the US Congress, large banks have discussed the publication of a spouse that could potentially offer commercial customers various advantages.
The law on national innovation law and the establishment of stablescoins (engineering) could become the law this summer after having made a significant procedure step in the Senate last month. Meanwhile, industry participants are preparing. In April, The Wall Street Journal indicated that several cryptocurrency companies, including Circle, an important stable transmitter and cryptocurrency operator, will seek banking charters. At the end of May, the newspaper announced news concerning the plans of co -owners by JPMorgan Chase, Bank of America, Citigroup and other large banks, including early alert services and the compensation house, to issue stablescoins.
The first Trump administration published letters of interpretation approving banks to provide cryptography services, in particular by holding reservations that support stablecoins.
The Stablecoin USDC de Circle is widely used in the financing of crypto-institution, explains David Easthope, head of the Fintech at Crisil Coalition Greenwich. On the other hand, the USDT of Tether is favored by companies preferring to transform into American dollars rather than by local volatile currencies. USDC and USDT are linked to the dollar.
The Ripple XRP allowed cross -border payments for several years, but most still travel through a network of corresponding banks. Mike Johnson, leader in EY Americas financial services solutions for digital assets and taxes, says that complex cross -border wire payments that are currently taking one to three days could be settled almost instantly using Stablecoins.
“Transactions costs could decrease the costs of $ 10 $ 50 to $ 50 to $ 0.01,” he said.
Johnson also notes that the stablescoins could allow instant -social transfers and more agile liquidity management, adding: “Stablecoins could also offer faster options and at a lower cost for cross -border pay, entrepreneurs and funding payments.”
However, according to Easthope, it is not difficult to know whether the advantages of a stable banking co -jointly would distance businesses from those they can already use or even from conventional technologies integrated into their existing platforms.
“Banks would test and learn in the parameters of the genius law,” he adds, “and customers will vote with their stablecoins”.