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International Business Times
International Business Times
Business
Marvie Basilan

US Can 'Keep Up With China' Through Stablecoins: Former House Speaker Ryan

United States Paul Ryan China Tether Donald Trump
Unlike other cryptocurrencies, stablecoins are pegged to another stable asset to retain price soundness. (Credit: Traxer/Unsplash)

KEY POINTS

  • Ryan said stablecoins can also propel demand for U.S. public debt
  • He said dollar-backed stablecoins are "packaged" with American values
  • He urged lawmakers to consider a bipartisan regulatory framework for stablecoins

Former House Speaker Paul Ryan believes cryptocurrencies, specifically U.S. dollar-backed stablecoins, can help the world's largest economy catch up with the fintech developments in China, given the Asian powerhouse's embrace of digital dollar technology.

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