A recent Democratic move to attempt to regulate stablecoin issuers shows just how disconnected politicians are from technology.\u201cThat one is four dollars,\u201d comes the smattering of heavily-accented English from a shopkeeper at Vientiane\u2019s famous Ban Anou Night Market, along the crowded streets of the Laotian capital.Across the city and indeed, across this mountainous, landlocked Southeast Asian country, the dollar is widely accepted, even though the official currency is the Lao kip.From taxi drivers to hotel owners, across Laos and many countries around the world, boxes and stacks of dollars are used, exchanged and treasured, without a single greenback ever having to pass through the international dollar-backed banking system centered on a clutch of New York\u2019s biggest banks.Dollars to DonutsAccording to estimates by the Bank of International Settlements, banks outside the U.S. hold over US$13 trillion in dollar-denominated assets.And with as many as 80% of all US$100-dollar bills circulating outside of the United States, the world appears to be a much larger user of the dollar than America itself.Yet until fairly recently, Washington wasn\u2019t particularly interested in how those dollars moved, comforted by the knowledge that if the greenbacks became sufficiently substantial, they would inevitably flow through the U.S. banking system where anything from scrutiny to sanctions would be possible.That was of course until the advent of dollar-backed stablecoins.To be sure, dollar-backed stablecoins are not a new invention, with USDT or Tether having been around since 2014.During that time, the amount of Tether, and more importantly, the velocity of its circulation has exploded along with Bitcoin.In September, the U.S. Comptroller of the Currency, issued a clarification that U.S. banks could accept fiat currency deposits that were intended to back stablecoins, provided that they adhered to existing regulatory requirements, especially with respect to anti-money laundering and know-your-customer laws, news that saw a\u2026<\/p>","protected":false},"excerpt":{"rendered":"
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