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Stablecoins vs. CBDC - Will US Treasury Forcefully Replace Private Stablecoins?
Austin Hodge
October 31, 2024 • Read Time: 15 minutes
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In a forceful proposition to retain centralized currency control over US Treasury T-Bills in crypto discussions, Janet Yellen and the U.S. Treasury advocate for replacing private stablecoins with a Central Bank Digital Currency (CBDC). This call sparks an echo of a historical upheaval akin to when wildcat currencies were subdued by government-backed paper money in the late 1800s. The debate isn't just academic; it's fueled by fears of potential market disruption should these privately-issued coins falter. With stablecoins like Tether hoarding up to $120 billion in T-bills, the tension between private innovations and public control is making waves in the battle for fiscal and monetary policy.
Meanwhile, Trump doubles down on promises of crypto friendly policies by proposing elimination of capital gains taxes on all purchases made using Bitcoin. Will voters embrace this latest proposal? How will Kamala respond? Who will win the stablecoin vs. CBDC debate?
Let's dive in!
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