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Paul Ryan Advocates Dollar-Backed Stablecoins to Counter China's Digital Currency Push

Jun 17, 2024

Paul Ryan Advocates Dollar-Backed Stablecoins to Counter China's Digital Currency Push
Paul Ryan Advocates Dollar-Backed Stablecoins to Counter China's Digital Currency Push
Paul Ryan Advocates Dollar-Backed Stablecoins to Counter China's Digital Currency Push

Former U.S. House Speaker Paul Ryan emphasised the urgency for the United States to adopt dollar-backed stablecoins to counter China's advancements in digital currency solutions and maintain the dollar's global influence. In a June 13 Wall Street Journal opinion piece, Ryan argued that stablecoins could mitigate the U.S.'s looming debt crisis by bolstering demand for U.S. Treasurys and ensuring reliable financing for fiscal expenditures on blockchain platforms. He underscored the stablecoin market's role in preserving the dollar's dominance and called for a robust regulatory framework, supported across bipartisan lines in Congress, to expand digital dollar usage effectively. Ryan's views have garnered support from industry leaders like Emin Gün Sirer, CEO of Ava Labs, who praised stablecoins for enhancing the dollar's global prominence, despite critiques from others like Adam Gladstein, Chief Strategy Officer of the Human Rights Foundation, who caution against reinforcing existing financial systems that Bitcoin aims to disrupt.