JAKARTA - The US Treasury Committee is reportedly set to hold a summons on April 19, 2023, to discuss the role of stablecoins in payments and the need for regulation.
It is hoped that this call will address the potential use of stablecoins in support of lucrative payment options, but will also address the issue of risks that may be faced by users and the financial system more broadly. As a very important market in the crypto ecosystem, stablecoins have a hold on the US Dollar which provides easy access to fiat currency.
The recent banking crisis in the United States has shown the use of cryptocurrencies, especially stablecoins, as an alternative store of value amidst difficult economic conditions. As concerns arise about the safety of deposits in bank accounts, many investors are looking for alternative ways to preserve the value of their assets. However, like cryptocurrencies in general, stablecoins also have their own risks, including the risk of losing a peg to the value of 1 US dollar which can disrupt market stability.
One of the highlights of the call was the presence of Dante Disparte, Chief Strategy Officer and Head of Global Policy from Circle, the company behind USDC. Circle is one of the leading companies in the stablecoin ecosystem and USDC itself is one of the most popular and widely used stablecoins.
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A report issued by the President's Working Group on Financial Markets (PWG) in November 2021 had previously observed that stablecoins could improve efficiency in retail payments if regulated within a clear regulatory framework.
However, despite the potential lucrative uses, regulations regarding stablecoins are still unclear and do not have a definite time limit. Therefore, this summons is expected to be the first step in presenting more comprehensive regulations and providing guidance for users and market participants in operating with stablecoins.
Amidst the rapid growth in the stablecoin market and its widespread use, proper regulation can be essential to maintain market stability, protect consumer interests, and prevent potential systemic risks.
It is also hoped that the Call will provide a platform for committee members to discuss other issues related to stablecoins, including potential illegal use, anti-money laundering, and effective oversight of the stablecoin market.
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