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- 🚀 ETH jumped to $4,600 this morning, up 8.69% in 24h!
Just shy of the $4,891 ATH—think it breaks through?
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A rumor has emerged regarding the Cryptocurrency related to the institution at the heart of the US Financial System!
The major financial institution at the heart of the US financial system, DTCC (Depository Trust and Clearing Corporation), is working on the issuance of stablecoins. According to information reported by The Information, this step by DTCC could pave the way for the more widespread use of digital assets in the markets.
On the other hand, the CEO of Bank of America also announced that the bank is working on stablecoin projects both independently and in conjunction with the sector. These developments indicate that the interest of the US financial system in digital dollar is increasingly growing.
U.S. Treasury Secretary Scott Bessent stated in his remarks to Congress that stablecoins could reinforce the dollar's status as a global reserve currency. Bessent noted that the total market value of dollar-backed stablecoins could exceed 2 trillion dollars.
Bessent stated that "Although the global leadership of the dollar is occasionally questioned, new dynamics reaffirm this power each time," and emphasized that the current administration is determined to maintain and strengthen the dollar's status as a reserve currency.
Additionally, in Congress, work is ongoing on a bill that requires dollar-based stablecoins to be backed by high-quality assets like Treasury bonds.
*It is not investment advice.
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