Stablecoins Could Solve $7T in Global Fees: Scaramucci ...Middle East

the crypto basic - News

Stablecoins have the potential to cut transaction costs globally and strengthen the U.S. dollar’s global position, according to Anthony Scaramucci. Scaramucci, founder of SkyBridge Capital, emphasized the strategic role of stablecoins and emerging crypto legislation during a recent appearance on CNBC’s Squawk Box. While addressing Bitcoin’s price movement, he shifted focus toward how stablecoins could reduce global transaction costs and reinforce U.S. dollar dominance. Scaramucci underlined the bipartisan push behind new regulatory frameworks such as the Stable Act and the GENIUS Act. For context, the legislation, supported by industry stakeholders, sets regulatory guidelines for stablecoins, digital tokens typically linked to the U.S. dollar or similar assets. On Monday, the Senate approved the GENIUS Act in a 66-22 vote, moving forward legislation focused on crypto regulation. Despite earlier concerns from some Democrats over former President Donald Trump’s involvement in digital assets, 16 ultimately backed the bill. Stablecoins Tied to U.S. Dollar Strength and Treasury Demand Scaramucci noted that stablecoins like Circle and Tether are expanding their reserves with U.S. dollar-denominated assets, specifically U.S. Treasuries. He pointed out that Tether holds more U.S. Treasuries than countries like Germany or Japan. According to Scaramucci, this accumulation boosts demand for Treasuries and supports the global position of the U.S. dollar. He added that future legislation would likely expand these reserves further. This development aligns with a growing international financial strategy centered around U.S.-backed assets. Cost Reduction and Future Use Cases of Blockchain Payment Further into the conversation, Scaramucci stated that stablecoins could help cut the $7 trillion in global transaction fees, including credit card and wire transfer costs. He envisioned practical use cases, such as paying with stablecoins at venues like New York’s Hunt and Fish Club to bypass high credit card fees. He supported U.S. efforts to retain crypto innovation domestically, contrasting the current administration’s policies with what he described as speculative objections from the previous one. White House Confident in Senate Passage Notably, David Sacks, a senior adviser to U.S. President Donald Trump on both cryptocurrency and artificial intelligence, indicated that the administration anticipates bipartisan support for the stablecoin legislation in the Senate. Speaking to CNBC on May 21 after a crucial vote where 15 Democrats sided with Republicans to overcome the filibuster, Sacks expressed confidence in the bill’s ultimate passage.

Hence then, the article about stablecoins could solve 7t in global fees scaramucci was published today ( Thursday 22/05/2025 - 07:38 PM ) and is available on the crypto basic ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.

Read More Details
Finally We wish PressBee provided you with enough information of ( Stablecoins Could Solve $7T in Global Fees: Scaramucci )

Last updated : 22 May 2025 clock 07:38 PM

Also on site :

Stablecoins Could Solve $7T in Global Fees: Scaramucci ...Middle East

Watch: 'Flying' Rohit Sharma's fielding brilliance sends Daryl Mitchell packing in 1st ODI

Kansas Elects Its First Democratic Senator in 94 Years

Takeaways from the midterms: Americans broadly rejected Trump — and Democrats stand to make huge gains because of it

Talarico wins Texas Senate race, ending decades of Republican dominance

Rupert Holmes’ Yacht Rock Essential Named the Greatest One-Hit Wonder of the 1970s

‘Lawyer up’: Democrats take the House, and warn Trump’s family businesses are first in line for subpoenas

Xavier Becerra Defeats Steve Hilton to Become California’s First Latino Governor in 150 Years

Trump’s hand-picked nominees falter in South Carolina, Texas and North Carolina, imperiling Republican control of Senate

Hagerty wins second Senate term in Tennessee

Democrat James Talarico wins Texas Senate seat

Xavier Becerra Declared Winner of California Governor’s Race

Gina Hinojosa Beats Greg Abbott, Delivering Democrats' Texas Dream

Democrat Xavier Becerra projected to be California’s next governor

Watch: Gurnoor Brar takes one-handed blinder to dismiss Tom Latham in IND vs NZ 1st ODI

Talarico Wins Texas Senate Race, First Democrat to Win Statewide in More than 30 Years