President Donald Trump Says Stablecoins ‘Will Help Expand the Dominance of the US Dollar’
US President Donald Trump is optimistic that dollar-backed stablecoins will help maintain the US dollar as the leading currency in the world. In a pre-recorded video for the participants of the Blockworks Digital Asset Summit in New York, Trump said he encourages the creation of a legal framework for stablecoins, cryptocurrencies pegged to the value of a stable asset such as the US dollar. “I have called on Congress to pass landmark legislation creating simple, common sense rules for stablecoins and market structure. With the right legal framework, institutions large and small will be liberated to invest, innovate and take part in one of the most exciting technological revolutions in modern history.” He says that stablecoins will enable crypto pioneers to fuel America’s financial growth and strengthen the US dollar’s position as the most dominant global currency. “You will unleash an explosion of economic growth and with the dollar-backed stablecoins, you will h...