Anthony Scaramucci, founder of SkyBridge Capital, believes stablecoins could revolutionize global finance. He argues they’re not just a crypto thing—they could significantly boost the US dollar and slash global transaction costs.
Stablecoins and US Treasuries: A Surprising Partnership
Major stablecoin companies like Circle and Tether are quietly becoming huge holders of US government debt. Scaramucci points out that Tether now owns more US Treasuries than some countries! This makes private crypto firms key players in supporting the US dollar, especially as other nations explore alternatives. Upcoming regulations might even require stablecoin issuers to hold even more Treasuries, further strengthening this link.
Political Winds Shift in Washington
The recent bipartisan support for the GENIUS Act in the US Senate signals a major shift in how Washington views crypto regulation. This surprising level of agreement suggests a growing acceptance of stablecoins and their potential benefits. The White House is reportedly optimistic about continued support for the bill, aiming to keep crypto innovation within the US.
Real-World Applications: Beyond Crypto
Scaramucci used the example of a New York restaurant to illustrate the practical benefits. He suggests stablecoins could replace credit cards, eliminating the hefty 2-3% fees charged by payment processors like Visa and Mastercard. This isn’t just about faster payments; it’s about making transactions significantly cheaper for businesses and consumers worldwide. These fees add up to billions annually, making stablecoins a potentially game-changing alternative.
The Dollar’s New Role in a Digital World
This push for stablecoins is also a strategic move to maintain the dollar’s dominance in global finance. While other countries develop their own digital currencies, the US is betting on private companies issuing dollar-backed stablecoins. With regulations finally catching up, stablecoins are poised to become major players, not just in the crypto world, but in the broader financial system.
