Stablecoins are the best way to ensure US dollar dominance — Web3 CEO
Stablecoins are the single best tool for the United States government to maintain the US dollar’s hegemony in global financial markets, according to LayerZero Labs CEO and founder Bryan Pellegrino.
In an interview with Cointelegraph, the CEO of LayerZero Labs, which created the LayerZero interoperability protocol recently chosen by Wyoming to be the distribution partner for the Wyoming stablecoin, said that the cross-border accessibility of dollar-pegged tokens makes them an obvious choice to drive US dollar demand. Pellegrino added:
“Stablecoins for the US dollar are the single best tool — the last Trojan Horse or vampire attack on every single other currency in the world — whether it is Argentina, whether it is Venezuela, whether it is all of the countries that have massive inflation.”
The CEO said he expects support for stablecoins on both the federal and state levels to grow because of the obvious boost stablecoins give to the US dollar in foreign exchange markets and the financial moat stablecoin-driven demand will create around the US dollar’s global reserve currency status.
Stablecoin market overview. Source: RWA.XYZ
Related: Certain stablecoins aren’t securities, SEC says in new guidance
US government looks to stablecoins to protect US dollar
Pellegrino cited Tether’s emerging role as one of the largest buyers of US Treasury bills in the world as evidence of the demand for US debt instruments from stablecoin issuers.
Tether recently became the seventh-largest holder of US Treasuries, beating out Canada, Germany, Norway, Hong Kong, and Saudi Arabia.
Speaking at the White House Crypto Summit on March 7, US Treasury Secretary Scott Bessent said the Trump administration would leverage stablecoins to extend US dollar hegemony and indicated this would be a top priority for officials in 2025.
According to a 2023 report from Chainalysis, over 50% of all the digital asset value transferred to countries in the Latin American region, including Argentina, Brazil, Columbia, Mexico, and Venezuela was denominated in stablecoins.
The low transaction fees, relative stability, and near-instant settlement times for dollar-pegged stablecoins make these real-world tokenized assets ideal for remittances and stores of value for residents in developing countries suffering from high inflation and capital controls.
Magazine: Bitcoin payments are being undermined by centralized stablecoins
Migrants convicted of sex offences in the UK or overseas will be unable to claim asylum under government plans to change the law to improve border security.
The Home Office announcement means foreign nationals who are added to the sex offenders register will forfeit their rights to protection under the Refugee Convention.
Politics latest: Tory-Reform coalition would be disaster, warns PM
As part of the 1951 UN treaty, countries are allowed to refuse asylum to terrorists, war criminals and individuals convicted of a “particularly serious crime” – which is currently defined in UK law as an offence carrying a sentence of 12 months or more.
The government now plans to extend that definition to include all individuals added to the Sex Offenders’ Register, regardless of the length of sentence, in an amendment to the Border Security, Asylum and Immigration Bill, which is currently going through parliament. It’s understood they also hope to include those convicted of equivalent crimes overseas.
Those affected will still be able to appeal their removal from the UK in the courts under the European Convention on Human Rights (ECHR).
More than 10,000 people have now been detected crossing the Channel. Pic: PA
It is unclear how many asylum seekers will be affected, as the government has been unable to provide any projections or past data on the number of asylum seekers added to the Sex Offenders’ Register.
Home Secretary Yvette Cooper said: “Sex offenders who pose a risk to the community should not be allowed to benefit from refugee protections in the UK.
“We are strengthening the law to ensure these appalling crimes are taken seriously.”
Safeguarding and Violence Against Women and Girls Minister Jess Philips said: “We are determined to achieve our mission of halving violence against women and girls in a decade.
“That’s exactly why we are taking action to ensure there are robust safeguards across the system, including by clamping down on foreign criminals who commit heinous crimes like sex offences.”
Read more:
PM ‘doesn’t want to see strike action’
Former Streeting aide avoids jail after exposing himself
The Home Office would like voters to see this as a substantial change. But that’s hard to demonstrate without providing any indication of the scale of the problem it seeks to solve.
Clearly, the government does not want to fan the flames of resentment towards asylum seekers by implying large numbers have been committing sex crimes.
But amid rising voter frustration about the government’s grip on the issue, and under pressure from Reform – this measure is about signalling it is prepared to take tough action.
Conservatives: ‘Too little, too late’
The Conservatives claim Labour are engaged in “pre-election posturing”.
Chris Philp MP, the shadow home secretary, said: “This is too little, too late from a Labour government that has scrapped our deterrent and overseen the worst year ever for small boat crossings – with a record 10,000 people crossing this year already.
“Foreign criminals pose a danger to British citizens and must be removed, but so often this is frustrated by spurious legal claims based on human rights claims, not asylum claims.”
Please use Chrome browser for a more accessible video player
Has Labour tackled migration?
The Home Office has also announced plans to introduce a 24-week target for appeal hearings (known as “first-tier tribunals”) to be held for rejected asylum seekers living in taxpayer-supported accommodation, or for foreign national offenders.
The current average wait is 50 weeks. The idea is to cut the asylum backlog and save taxpayers money – Labour have committed to end the use of asylum hotels by the end of this parliament.
It’s unclear how exactly this will be achieved, although a number of additional court days have already been announced.
The government also plans to crack down on fake immigration lawyers who advise migrants on how to lodge fraudulent asylum claims, with the Immigration Advice Authority given new powers to issue fines of up to £15,000.
Massachusetts Senator Elizabeth Warren has called on government officials to address questions related to US President Donald Trump’s memecoin and his media company.
In an April 25 letter to Jamieson Greer, acting director of the US Office of Government Ethics (OGE), Warren, a Democrat from Massachusetts and California Democratic Senator Adam Schiff requested that officials address concerns about Trump’s memecoin after the president announced a dinner and White House tour for some of the individuals who held the most TRUMP tokens. The two senators requested that Greer provide information on safeguards and guidelines related to whether foreign actors and others could buy political influence with the president, potentially impacting his policy positions and federal pardons.
“President Trump’s announcement promises exclusive access to the presidency in exchange for significant investment in one of the President’s business ventures,” wrote the two senators.
“In promising such access, this proposition may implicate several federal ethics laws and constitutional prohibitions, including the federal bribery statute and emoluments clauses of the US Constitution. It also raises the troubling prospect that foreign actors are using the memecoin as a vector to buy influence with President Trump and his associates without needing to disclose their identities publicly.”
The letter was sent the same day Warren reportedly expressed similar concerns about Trump’s potential conflicts of interest with the US Securities and Exchange Commission (SEC). According to an April 25 Reuters report, the Massachusetts senator urged SEC Chair Paul Atkins to ensure that oversight of Trump’s media company was “free from undue political interference and influence from the President and his administration.”
Related: Trump’s WLFI crypto investments aren’t paying off
Though ranking member of the Senate Banking Committee, Warren does not have the authority to direct Congress’s agenda with Democrats in the minority. Two Democrats in the Senate and House of Representatives have already called for Trump’s impeachment over his memecoin dinner.
Warren added:
“The American people deserve the unwavering assurance that access to the presidency is not being offered for sale to the highest bidder in exchange for the President’s own financial gain.”
At the time of publication, it was unclear who among the top TRUMP memecoin holders would attend the dinner, scheduled to be held on May 22 at Trump’s golf club in Washington, DC. Speculation and analysis of users suggested that Trump supporters, including Tron founder Justin Sun, Tesla CEO Elon Musk, and others, could attend, though none had been confirmed as of April 28.
Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions
Crypto users betting on the outcome of the snap election to determine the next Prime Minister of Canada appear to be favoring a Liberal Party victory as residents head to cast their votes.
As of April 28, cryptocurrency betting platform Polymarket gave current Canadian Prime Minister and Liberal Party candidate Mark Carney a 79% chance of defeating Conservative Party candidate Pierre Poilievre in the race for the country’s next PM. Data from the platform showed users had poured more than $75 million into bets surrounding the race, predicting a Poilievre or Carney victory.
The odds suggested by the platform, as well as those from many polls, show a nearly complete reversal of fortunes between the two candidates after former Prime Minister Justin Trudeau resigned in January. Trudeau and, by association, many in the Liberal Party, faced criticism over the handling of Canada’s housing crisis and questions about how he would face US President Donald Trump’s then-proposed tariffs.
Following Trudeau’s resignation, Trump stepped up rhetoric disparaging Canada, repeatedly referring to the country as the US’s “51st state” and Trudeau as its “governor.” The US President also imposed a 25% tariff on goods imported from Canada in March. The policies seem to have led to increasing anti-Trump sentiment in Canada, with many residents booing the US national anthem at hockey games and making comparisons between the president and Poilievre.
This is a developing story, and further information will be added as it becomes available.
-
Sports3 years ago‘Storybook stuff’: Inside the night Bryce Harper sent the Phillies to the World Series
-
Sports1 year agoStory injured on diving stop, exits Red Sox game
-
Sports1 year agoGame 1 of WS least-watched in recorded history
-
Sports2 years agoMLB Rank 2023: Ranking baseball’s top 100 players
-
Sports4 years ago
Team Europe easily wins 4th straight Laver Cup
-
Environment2 years agoJapan and South Korea have a lot at stake in a free and open South China Sea
-
Environment2 years agoGame-changing Lectric XPedition launched as affordable electric cargo bike
-
Business3 years agoBank of England’s extraordinary response to government policy is almost unthinkable | Ed Conway