Yesterday the President’s Working Group published its stablecoin report in association with the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC).
Our initial reading is the implications of the report might be far reaching. It could have a massive impact on all of the big three stablecoins, Tether, USDC and Binance USD, which may lead them to break their associations with Bitfinex, Coinbase and Binance, respectively.
The report purely addresses “payment stablecoins”. It left other activities up to the SEC and CFTC. For example, the SEC considers the use of stablecoins for DeFi lending activities as a security.
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