A few weeks ago, President Donald Trump signed the GENIUS Act into law. The acronym stands for Guiding and Establishing National Innovation for US Stablecoins.
It is the first major crypto legislation approved by the US Congress and sets the stage for the formal adoption of stablecoins and their regulation.
Unlike bitcoins, stablecoins are fully backed digital currencies and hence less volatile. Their usage, including in cross-border transactions, has grown rapidly in the last few years. Stablecoins are potentially disruptive, especially to the legacy financial system. How will this then play out for the world economy? What about countries like India, which have been cautious in adopting stablecoins?
To answer all this and more, StratNewsGlobal.Tech spoke to Abu Dhabi-based Bhaskar Dasgupta on Capital Calculus. He is a veteran banker and heads the Middle East Stablecoin Association, a body which is working closely with the government to rollout stablecoins in the UAE.
Anil Padmanabhan has been a journalist for the last 36 years. He has worked in various capacities in several publications including Afternoon Despatch & Courier, Press Trust of India, Business Standard, Mint and was based in New York for India Today. He was a Nieman Fellow in 2001. He tweets at @capitalcalculus.
