Tether's Stablecoin Dominance May Wane Following Proposed U.S. Rules: S&P [Yahoo! Finance]
S&P Global Inc. (SPGI)
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Source: Yahoo! Finance
New digital asset custody providers could emerge leading to greater competition. Regulatory clarity in the U.S. should inspire banks from the traditional financial world to enter the stablecoin market and may also reduce the dominance of Tether's USDT, S&P Global Ratings said in a report on Wednesday. A stablecoin is a type of cryptocurrency that serves as bedrock in crypto markets. U.S. Senators Cynthia Lummis (R-Wyo.) and Kirsten Gillibrand (D-N.Y.) introduced a new stablecoin bill last week that seeks to define how stablecoins will operate in the country. The U.S. dollar is the most popular peg for stablecoins, but most stablecoin issuers aren't subject to specific U.S. regulations, the report said. This could change following the introduction of the Lummis-Gillibrand Payment Stablecoin Act last week. "The new rules may offer banks a competitive advantage by limiting institutions without a banking license to a maximum issuance of $10 billion," analyst Andrew O'Neill wrote.
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SPGI
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- 4/26/24 - Miss
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- 4/25/24 - Form 10-Q
- 4/25/24 - Form 8-K
- SPGI's page on the SEC website