Tight tightening state regulation can provoke the emergence of the market of “black” stablecoins, said Cryptoquant Cryptoquant’s Analytical Block Platform. In his opinion, the desire of the authorities to control the use of stablecoins will lead to the fact that users will begin to look for options for such cryptocurrencies that are not subject to censorship, writes RBC Crypto.
Stebblecoins are cryptocurrencies, the course of which is tied to a basic asset, for example, to the dollar, euro or ounce of gold. As ensuring the binding of the tokens course, their issuers use securities, national currencies or other crypto assets. The largest stabelcoin is the USDT with a capitalization of about $ 150 billion from Tether, its closest competitor is the USDC from Circle with a capitalization of $ 60 billion. Algorithmic stablecoins also exist, the binding of which is provided to other digital assets of the same issuer. The largest algorithmic stablecoin – USDS (former DAI), its market capitalization, according to Coinmarketcap on May 12, is about $ 5.3 billion.
Stebblecoins serve as a bridge between the digital and real world, and until recently, the government, with the exception of cases of combating money laundering, “did not interfere” in stabelcoins, writes Ki. According to him, this made such tokens in a safe way to store assets for various groups, such as Chinese miners.
“But it changes. Soon, any stablecoin, released by the country, may encounter strict state regulation, such as traditional banks. Automatic tax collection through smart contracts, freezing wallets or requirements for drawing up documents based on state rules can be launched. People who used stablecoins for large international translations can begin to look for shadow steablecoins resistant to censorship, ”Ki writes.
He noted that there are two ways to create “black” stablecoins. These are either algorithmic tokens that are not controlled by governments, or stablecoins issued in countries that do not censor financial transactions.
Ki believes that one of the possible examples can be a decentralized stablecoin, the course of which through oracles, such as Chainlink, will be tied to the price of adjustable tokens, such as USDC. The analyst added that he did not know a single such project yet, but mentioned under the post the head of Chainlink Sergey Nazarov, drawing his attention to the idea.
“I’m not sure whether there are still long-term investors in cryptocurrency, but I think that assets associated with dark stablecoins may have investment potential in the markets of the Internet captain. Dyor (do your Own Research. – RBC), ”Ki concluded.
US President Donald Trump is actively advancing the theme of market development and regulation of dollar stabelcoins. At the end of January, the first signed after the inauguration by the decree was a document called “Strengthening the US leadership in digital finances”, where stablecoins were allocated by the key point.
At the same time, in early May, a number of democrats-democrats in the United States did not support the bill on stablcoins (Genius Act) during a key vote, which was staggered by the adoption of the document. Senators claim that the bill still needs to be finalized.
The industries believe that the stop of the adoption of Genius may have further negative consequences for other cryptocurrency bills. The head of the Bitwise large management company Matt Hawgan said that if the US Congress does not accept at least one of the laws on cryptocurrencies, the industry could wait for the “difficult summer”.
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Source: Cryptocurrency
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