Stablecoins
Cryptocurrency's Impact on US Treasury Investments
Saturday. July 20 at 1:30 AM
1 min. readA US court recently granted Binance permission to invest customer funds in US Treasury Bills through a third-party manager, with the condition that the funds are not reinvested in the company. This move highlights the potential for cryptocurrencies to support the weakening US dollar amidst de-dollarization efforts by BRICS nations. Stablecoins, like Tether, holding significant amounts of US Treasuries, aim to stabilize the dollar's value. Former US House Speaker Paul Ryan sees stablecoins as a solution to the debt crisis, boosting the dollar's competitiveness in global markets. However, critics, such as Alex Gladstein, argue that stablecoins maintain the flawed fiat system. The approval for Binance to invest in US Treasury Bills signifies the evolving role of cryptocurrencies in traditional financial instruments, hinting at a future where digital assets play a crucial role in global finance.