Stablecoins are the best way to ensure US dollar dominance — Web3 CEO 💵
According to Bryan Pellegrino, CEO of LayerZero Labs, stablecoins represent the optimal method for maintaining the US dollar's supremacy in international financial markets. During an interview, he emphasized that dollar-pegged tokens are crucial for driving demand for the US dollar globally.
The growing support for stablecoins at both federal and state levels reflects their potential to bolster the dollar in foreign exchanges and create a financial barrier around its status as a global reserve currency.
Pellegrino cited Tether's increasing presence as a buyer of US Treasury bills as an indication of stablecoin issuers' demand for US debt instruments. By becoming the seventh-largest holder of US Treasuries, Tether has surpassed several major countries in investments.
Despite criticisms, stablecoins' low transaction fees, stable nature, and rapid settlement times make them attractive for remittances and a hedge for residents of high-inflation countries.
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