In June, Uber CEO Dara Khosrowshahi announced that the ridesharing giant was looking into stablecoins as a form of global money transfer. A year ago, such a statement from a Big Tech executive would’ve seemed far-fetched. Today, though, everyone from Apple to Amazon—not to mention big banks and brokerages—is rushing to embrace stablecoins, which are cryptocurrencies pegged to an underlying asset like the U.S. dollar. What changed?
Most obviously, there is a dramatically different regulatory climate in Washington, D.C. This has produced a bill, passed by the Senate and currently being considered by the House, that would ease stablecoins’ integration into the financial system.
