Coinbase, one of the leading cryptocurrency exchanges based in the United States, has highlighted the importance of stablecoins in facilitating seamless transactions.
In a recent blog post, the San Francisco-headquartered exchange noted that many Americans are frustrated when dealing with the traditional financial system.
It argued that stablecoins offer a solution by providing “all the benefits of cash without the drawbacks.”
As a stakeholder in Circle, the issuer of the USD Coin (USDC) stablecoin, Coinbase asserted that physical cash no longer meets the expectations of digitally savvy consumers.
Interbank transfers can take days, while stablecoin alternatives in the crypto space are faster and more cost-effective.
“There are reasons why physical cash has been so popular for so long. It’s private; stays stable in times of economic volatility; and supports instant payments person-to-person,” the exchange wrote.
“These are strong upsides that we want to carry forward in payment systems of the future.”
However, regulatory barriers are hindering the United States from becoming a true “crypto hub.”
In contrast, countries such as Nigeria and Brazil are actively promoting stablecoin and cryptocurrency adoption on a global scale.
To address this issue, Coinbase emphasized the urgent need for clear and sensible regulations governing stablecoins.
The exchange said that such regulations are necessary to prevent the United States from falling behind in the rapidly evolving crypto landscape.
While the platform did not provide specific suggestions regarding stablecoin regulation, it called on the crypto community to engage with members of Congress and support legislation that enables stablecoins while ensuringRead more on cryptonews.com