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Steve Mnuchin: Stablecoins Should Be Backed By US Dollars From Regulated Banks
Summary: Steve Mnuchin, former US Secretary of the Treasury and founder of Liberty Strategic Capital, said in an interview with Bloomberg that stablecoins are most likely to be regulated. They should be easily transferable and backed by real U.S. dollars held by safe custodial banks. According to Mnuchin, stablecoins cannot be "like casino chips", people should ...
Steve Mnuchin, former US Secretary of the Treasury and founder of Liberty Strategic Capital, said in an interview with Bloomberg that stablecoins are most likely to be regulated. They should be easily transferable and backed by real U.S. dollars held by safe custodial banks.
According to Mnuchin, stablecoins cannot be "like casino chips", people should always have the opportunity to exchange stablecoins into real U.S. dollars at any time. U.S. dollars-pegged stablecoins must be deposited in trust accounts of regulated banks.
He also believes that stablecoins should be invested in the U.S. Treasury Department or products similar to U.S. Treasury bonds, that is, a highly liquid currency market.
By Mary Liu
Tags: Bank,Regulation,Stablecoin,Steve Mnuchin
Link: Steve Mnuchin: Stablecoins Should Be Backed By US Dollars From Regulated Banks [Copy]
