Former head of the CFTC believes that “stable coins” have the potential to modernize the financial market and strengthen the dollar

A new report from Chainalysis suggests that US authorities may lose control of the stablecoin industry. Companies associated with this asset class are increasingly choosing not to obtain the appropriate license to operate in the United States.

Analysts estimate that since the spring of this year, a significant portion of the influx of “stable coins” on the largest crypto platforms has moved from US-licensed companies to services not licensed in the US. That is, more than 50% of the influx of stablecoins came from exchanges that do not have a US license.

“While U.S. entities initially helped legitimize and shape the market, a growing number of cryptocurrency users are engaging in stablecoin-related activities with companies headquartered abroad,” the experts said.

Analysts noted that American lawmakers have yet to approve the rules for stablecoins. Corresponding bills have already been submitted to Congress.

According to Circle general counsel and former CFTC chief Heath Tarbert, stablecoin legislation is a vital innovation for the American financial system. He is confident that “stable coins” have the potential to modernize the financial market, strengthen the dollar and increase the efficiency of operations for companies and individuals.

Tarbert noted that such opportunities can only be realized if laws are passed with a focus on economic stability and the protection of citizens’ rights.

The former CFTC chief sees stablecoins as an increasingly important tool in modern transactions such as trade, funds transfers and humanitarian aid.

According to Tarbert, the increasing adoption of “stable coins” speaks to their practical benefits, as they help make quick and cost-effective payments. Also, the use of stablecoins can help reduce transaction costs, the crypto enthusiast believes.

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