European asset manager Amundi believes that the American Genius Act can trigger an increase in dollar-supported stabechoin, possibly causing unexpected results to the global payment system, and even threatens the long-term dominance of greenbacks.
“It can be talented, or it may be evil, the Chief Investment Officer of the Vincent mortier, Amundi recently said in an interview. Roots,
While the dollar-supported stabblecin has long been seen as a way to guarantee dollar global suzerainty, promoting a stabelcoin actually “can become a choice of US dollars” […] The Mortier said, “The dollar can cause weakening.
His approach is based on the need for the Genius Act that the dollar-supported stabelin should be fully collaborative with equal or higher value assets. Although it can promote the demand for American Treasury Bond, it can also send the message that “the dollar is not so strong,” he warned.
The mortier stated that another unexpected result is that stabechoin-releasing companies can become “quiz-bans”-a role that they were never to play.
“This can potentially unstable the global payment system,” he said.
https://www.youtube.com/watch?v=JS5Vufdrb4i
Connected: BIS says
StableCoins, Rwas and US Genius Act
Mortier’s comments came on June 17 after the Genius Act was passed, it took a step close to the law. The law, which aims to regulate Stabecrims by setting up reserve and capital requirements, is now head of the House of Representatives.
As the passage of the Genius Act last month said by Cointelegraph, the passage of the Genius Act may pave the way for the release of their own stabecoin, allegedly discovering the possibility with the X of Apple, Google and Elon Musk.
Treasury Secretary Scott Besent has said that by 2030 StableCoins can become a market for $ 3.7 trillion.
Meanwhile, Stablecoins remain one of the fastest growing segments in the Crypto market, almost doubled their total value since the beginning of 2023 overtook $ 250 billion since the beginning of 2023. JPMORGAN analysts hope that Stabelin’s supply will again double in the next several years.
StableCoins are considered a type of real -world property (RWA) because they are supported by government bonds, fiat currencies and other tangible assets.
According to Abdul Rafa Gadit, a former standard chartered executive and founder of Jigchen, a digital currency exchange, the passage of the Genius Act can provide a more widely positive pace not only for stabecin but also for RWAS and token.
For the tokening area, the Genius Act “de-refuses the use of digital dollars in the token ecosystem, making it very easy to manufacture obedient RWA platforms with embedded onchain settlements. It is important for areas such as real estate, trade finance and sukuk,” said the litigant.
magazine: Genius Act near Bitcoin vs Stablecoins Shodown Looms
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