Stablecoin Statement from the Former US Minister: “We Like Stablecoins”


He is the former US Secretary of the Treasury and is currently the founder of the private equity fund Liberty Strategic Capital Steven Mnuchin, In remarks to Bloomberg TV, stablecoinhe shared his views on the topic of the and, in particular, on Tether.

We Like Blockchain and Stablecoins

Answering questions from Bloomberg TV host David Westin, the former US Treasury Secretary said that his new fund, Liberty Strategic Capital, focuses on technology, namely cybersecurity, national security, privacy and fintech.

Mnuchin expressed that they especially like the field of payments when evaluating investment opportunities in this sector. In addition, Mnuchin noted that the greatest opportunities in this area lie in real-time cross-border payments. In addition to these, the former US Treasury Secretary october Blockchain he also touched on the topic of based stableoins.

Mnuchin thinks that stablecoins should be regulated. According to Mnuchin, stablecoins should be assets backed by real dollars held in a secure US bank and can be easily transferred.

There Are 68 Million USDT in Circulation

Mnuchin specifically expressed his comments on Tether (USDT). According to a Bloomberg article published earlier today, Tether has over $68 billion in USDThe stated that he owns , and $ 48 billion of them were released in 2021. Also the server, Tetherhe expressed doubt that he could have kept such a large amount of money anywhere.

According to Mnuchin, stablecoins should not be like gaming chips. People should always have the opportunity to exchange the dollar-backed stablecoins they hold with the real US dollar. Therefore, these dollars that support stablecoins need to be kept in a trust account in a regulated bank.

How will Stablecoins be Regulated?

Global regulators such as the Bank for International Settlements and IOSCO securities regulators, such as Tether stablecoinhe believes that they should be regulated in the same way as traditional financial payment providers such as Western Union and PayPal.

However, this decision will be discussed in public next year before it is finalized.

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