RT @hosseeb: The STABLE Act (and PWG statement) have raised questions about the fate of stablecoins.
Are permissionless stablecoins sustainable? Is the STABLE Act a harbinger of what’s to come? And what will happen to Tether and decentralized stablecoins?
On the coattails of PWG's recommendation that stablecoin transactions, including those between unhosted wallets, should be KYC'd, @hosseeb provides predictions on the future of stablecoin evolution and adoption. Spoiler: centralize or decentralize, there is no "try." https://t.co/60W7mpUFJe
tldr; The STABLE Act would force stablecoin reserves to be regulated like bank deposits. This would be a massive setback to stablecoins, which serve as the de facto money of the crypto ecosystem today. In the long term, centralized stablecoins will gradually become more and more restricted, pushing the crypto economy toward decentralized stablecoins.
This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.