'No law or regulation currently restricts the issuance of private banknotes,' aier's Thomas Hogan writes. Opinion for policyweek
Most stablecoins are redeemable on demand, just like deposits in a checking or savings account. Tether , the largest stablecoin by market capitalization, promises redeemability in U.S. dollars. Some stablecoins, such as the dai token, require more than 100% collateralization to help ensure token holders’ funds are secure even if the collateral value falls.In 2001, U.S.
If Schuler is correct, then no law or regulation currently restricts the issuance of private banknotes. A white paper from, a bank association, supports this view, noting that stablecoin-related activities “clearly fall within the existing legal authority of banks.” Further, they write, “no legislative change is required to permit banks to issue digitized deposits” in the form of stablecoins.
in 2020. Prior to 1994, national banknotes were required to be fully collateralized, but that requirement is no longer in effect.
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