Stablecoin adoption and the future of financial inclusion
With the proper regulation, stablecoins could potentially fulfill their promise and enable more funds to reach those in greatest need. Institutional interest in crypto is growing, confirmed by a Goldman Sachs survey, which found that 40% of the company’s high-net-worth clients were already exposed to cryptocurrencies. Stablecoins — which offer a more secure and steady option in the crypto space — have experienced hyper-growth, reaching a $119 billion market cap. The volatility of crypto has attracted more conservative investors to asset-backed stablecoins.Stablecoins are a form of private....
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In order to go beyond the crypto ecosystem, stablecoins need solid regulations, Paxos CEO Charles Cascarilla said. Paxos CEO Charles Cascarilla believes that stablecoins need solid regulation to go beyond being just a tool for crypto enthusiasts and achieving mainstream adoption.Speaking to Bloomberg, Cascarilla explained that stablecoins would be unable to build trust without regulation, which is critical to attracting interest from outside of the crypto community. You can’t change the financial system in the long term without being regulated, he said.Fundamentally, stablecoins allow a....