Brian Brooks, partner of Valor Capital Group, stated that stablecoins will benefit the US dollar.
The future of cryptocurrencies and digital assets has become the subject of curiosity of the whole world. In particular, how stablecoins will progress against the traditional financial system is among the issues considered. The issue of regulation and adoption is on the agenda of stablecoins.
Speaking to CNBC the other day, Brian Brooks stated that the stablecoin will be beneficial to the country despite the cautious approach of the US towards digital assets.
Benefit of stablecoins to the US dollar
Brian Brooks, partner of Valor Capital Group, was a guest on Squawk Box on CNBC. Brooks cited the importance of stablecoins in making the US dollar relevant again.
Brooks claimed that stablecoins could be the killer application of cryptocurrency. So, according to Brooks, stablecoins can play an important role in reducing interest in cryptocurrencies. However, Brooks underlined that regulations that will allow stablecoins to flourish must be implemented.
Addressing US President Joe Biden’s stance towards stablecoins, Brooks discussed the current government’s stablecoin policy. Brooks said:
Citizens in countries with high inflation are really strongly demanding dollar-denominated products to keep their money safer. In many countries where you can’t get a dollar bank account, stablecoins are your best solution.
Brooks argued that for the demand for stablecoins to evolve, the U.S. government should support it. According to Brooks, with the support of the government, global adoption of the US dollar will increase again.
Making sharp sentences on the subject, Brooks claimed that stablecoins will provide a great benefit for re-adoption in this period when countries around the world are starting to move away from the US dollar.
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