Timothy Massad, the former chairman of the United States Commodity Futures Trading Commission (CFTC), shared his thoughts on stablecoins in an interview with CNBC. Massad sees stablecoins as a bridge between the “crypto world and the real world” and emphasized that the US government should not view stablecoins as a temporary fad. Massad stated that stablecoins could be beneficial for competition if the potential risks are addressed.
As cryptocurrencies have reached a larger user base worldwide over the years, various ecosystems have emerged within the crypto industry, such as decentralized finance (DeFi) and NFTs. Stablecoins, which are pegged to fiat currencies like the US dollar, have become one of the most discussed digital assets by regulators.
Tether, the issuer of USDT, and many other crypto companies that issue stablecoins have faced various accusations and investigations by regulators during this process. It has been repeatedly suggested in public opinion that stablecoins pose a threat to financial stability.
Meanwhile, amidst the ongoing debates, a comment on stablecoins came from the former CFTC chairman. Timothy Massad, the former chairman of the CFTC, stated in an interview with CNBC that he sees stablecoins as a bridge between the “crypto world and the real world.”
Expressing concerns that regulators are not addressing the risks of stablecoins properly, the former CFTC chairman emphasized that stablecoins should not be seen as a temporary fad.
Timothy Massad, the former chairman of the United States Commodity Futures Trading Commission (CFTC), stated that stablecoins could create faster payment mechanisms in the US and that competition could be beneficial if the risks are addressed.