Stablecoins could eliminate $7 trillion in global costs – Anthony Scaramucci

According to Anthony Scaramucci, founder of Skybridge Capital, Stablecoins can help the United States maintain its financial advantage and reduce global transaction fees. He said in an interview with CNBC this week that these dollar digital tokens are not only a crypto tool, they could be a way to increase U.S. Treasury demand and cut global transaction costs worth $7 trillion.

Scaramucci’s remarks came after the U.S. Senate voted 66-22 to raise the Genius Act, marking a rare moment in a bipartisan agreement on how to regulate digital assets.

Stable coins backed by Treasury bonds

Circle and Tether, two major players in the Stablecoin space, are quietly buying a large amount of U.S. government debt. According to Scaramucci, Tether now has more U.S. Treasury bonds than countries like Germany or Japan. This is a surprising twist. This means that private crypto businesses are now important holders of U.S. debt, which can help raise the dollar when many countries are looking for alternatives.

He also mentioned that the upcoming rules could push Stablecoin issuers to hold more reserves in the treasury. This will only deepen their ties to the U.S. financial system.

https://www.youtube.com/watch?v=gabcpmgvbk

Political momentum is established in Washington

Although crypto regulations are often a split issue in Washington, the Genius Act is beginning to change that issue. Republican Republican Republicans joined the Senate, rescinding concerns about U.S. President Donald Trump’s past support for digital currencies.

David Sacks, a senior adviser on crypto and AI, told CNBC that he is confident the bill will continue to move forward. He said the White House expects that there will be more support as lawmakers are looking for ways to keep cryptocurrency innovation in the United States rather than pushing it overseas.

Image: StormGain

Real-world use

Scaramucci gives an example of practice in his interview. He pointed to the Hunting and Fish Club in New York, and he thought Stablecoins could change credit cards. By doing so, businesses can skip the 2-3% fee charged by Visa or MasterCard (such as Visa or MasterCard).

He said this is not just a technological upgrade. This is one way to make daily purchases cheaper, faster payment methods. Wire transfer and card payments add billions of dollars each year, so Stablecoins may be a cheaper option for many people around the world.

The new role of the dollar

The push for this new stablecoin is also seen as a way to keep the dollar dominant in global finance. As countries test their own digital currencies, the United States is supporting another approach – private companies are issuing tokens backed by real dollars.

With the ultimate attraction of regulations, Stablecoins plays a greater role not only in cryptocurrencies, but also in a larger financial system.

Featured images from Unsplash, charts for TradingView

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