{"id":36099,"date":"2025-02-05T15:00:45","date_gmt":"2025-02-05T12:00:45","guid":{"rendered":"https:\/\/coinengineer.net\/blog\/?p=36099"},"modified":"2025-02-05T14:57:53","modified_gmt":"2025-02-05T11:57:53","slug":"david-sacks-the-us-wants-to-bring-stablecoins-onshore","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/david-sacks-the-us-wants-to-bring-stablecoins-onshore\/","title":{"rendered":"David Sacks: &#8220;The US Wants to Bring Stablecoins Onshore!&#8221;"},"content":{"rendered":"<p><a href=\"https:\/\/coinengineer.net\/blog\/eth-surpasses-2900-after-eric-trumps-ethereum-comment\/\"><strong>The Trump administration plans<\/strong><\/a> to regulate <strong>stablecoins<\/strong> and focus on dollar-backed digital assets, according to Trump\u2019s crypto czar, <strong>David Sacks<\/strong>. Sacks revealed that stablecoins are a key area of interest for the Trump administration, alongside Bitcoin adoption and blockchain development.<\/p>\n<p><strong>The stablecoin market <\/strong>has already seen rapid growth but is largely based offshore, said Sacks, adding that the US now aims to \u201cbring this innovation onshore.\u201d<\/p>\n<p><strong>Stablecoins<\/strong> represent a $227 billion industry, with 97% of the market comprised of US-dollar-backed stablecoins like Tether\u2019s USDt, which alone accounts for over 60% of the total market capitalization, according to CoinGecko data.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/david-sacks-the-us-wants-to-bring-stablecoins-onshore\/#Could_Stablecoins_Be_the_New_Digital_Dollar\" title=\"Could Stablecoins Be the New Digital Dollar?\">Could Stablecoins Be the New Digital Dollar?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/david-sacks-the-us-wants-to-bring-stablecoins-onshore\/#USDC_is_Regulated_in_the_US\" title=\"USDC is Regulated in the US\">USDC is Regulated in the US<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Could_Stablecoins_Be_the_New_Digital_Dollar\"><\/span>Could Stablecoins Be the New Digital Dollar?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>Sacks<\/strong> believes the strength of <strong>stablecoins<\/strong> lies in their ability to expand the US dollar\u2019s global dominance and bring it into the digital realm.<\/p>\n<p>The <strong>Trump crypto czar<\/strong> also pointed out that <strong>stablecoins<\/strong> could generate \u201cpotentially trillions of dollars\u201d in new demand for US Treasury securities, which could help support the national debt and lower long-term interest rates.<\/p>\n<p><strong>Sacks<\/strong> emphasized the potential benefits of stablecoins in broadening the influence of the US dollar in global finance.<\/p>\n<p><strong>The White House<\/strong> previously committed to promoting the sovereignty of the US dollar, including actions to encourage the development and growth of lawful, dollar-backed stablecoins globally, in an executive order signed by Trump on January 23.<\/p>\n<p>While backing stablecoins, the executive order also banned the issuance of<strong> central bank digital currencies (CBDCs)<\/strong>, putting the focus squarely on US stablecoins as digital dollars.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"USDC_is_Regulated_in_the_US\"><\/span>USDC is Regulated in the US<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>As part of its stablecoin strategy, the White House plans to enable legislation supporting stablecoin issuance, Sacks noted. However, <strong>Circle\u2019s USD Coin (USDC)<\/strong> is already issued and managed in the US, with the issuer positioning it as \u201cregulated and fully reserved.\u201d USDC is the second-largest stablecoin, accounting for 24% of the total stablecoin market cap.<\/p>\n<p><strong>Unlike USDC<\/strong>, which is widely considered a regulated <strong>stablecoin in the US, Tether\u2019s USDT<\/strong> has faced issues in jurisdictions like the European Union, where it has increasingly been labeled a noncompliant stablecoin.<\/p>\n<p><strong>Tether CEO Paolo Ardoino<\/strong> stated in October 2024 that Tether is the \u201cbest friend of the US government,\u201d holding more US securities than Germany and \u201cfar more than any other competitor or financial institution globally.\u201d<\/p>\n<blockquote><p>\u201cWe are happy to decentralize the ownership of US debt, making the US much more resilient,\u201d Ardoino added.<\/p>\n<hr \/>\n<\/blockquote>\n<p><em>You can also freely share your thoughts and comments about the topic in the comment section. Additionally, please follow us on our <span style=\"color: #ffcc00;\"><a style=\"color: #ffcc00;\" href=\"https:\/\/t.me\/coinengineernews\" target=\"_blank\" rel=\"noreferrer noopener nofollow\"><strong>Telegram<\/strong>,\u00a0<\/a><\/span><a href=\"https:\/\/www.youtube.com\/@CoinEngineer\" target=\"_blank\" rel=\"noreferrer noopener nofollow\"><strong><span style=\"color: #ffcc00;\">YouTube<\/span><\/strong><\/a>\u00a0and\u00a0<span style=\"color: #ffcc00;\"><a style=\"color: #ffcc00;\" href=\"https:\/\/twitter.com\/coinengineers\" target=\"_blank\" rel=\"nofollow noopener\"><strong>Twitter<\/strong><\/a>\u00a0<\/span>channels for the latest <strong><span style=\"color: #ffcc00;\"><a style=\"color: #ffcc00;\" title=\"News\" href=\"https:\/\/coinengineer.net\/blog\/news\/\" data-internallinksmanager029f6b8e52c=\"7\">news<\/a> <\/span><\/strong>and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Trump administration plans to regulate stablecoins and focus on dollar-backed digital assets, according to Trump\u2019s crypto czar, David Sacks. Sacks revealed that stablecoins are a key area of interest for the Trump administration, alongside Bitcoin adoption and blockchain development. The stablecoin market has already seen rapid growth but is largely based offshore, said Sacks,<\/p>\n","protected":false},"author":29,"featured_media":36104,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[9885,1151,118,3310,11489,943],"class_list":["post-36099","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","tag-david-sacks","tag-stablecoins","tag-tether","tag-trump","tag-trump-crypto-czar","tag-usdc"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>David Sacks: &quot;The US Wants to Bring Stablecoins Onshore!&quot; - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/david-sacks-the-us-wants-to-bring-stablecoins-onshore\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"David Sacks: &quot;The US Wants to Bring Stablecoins Onshore!&quot; - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"The Trump administration plans to regulate stablecoins and focus on dollar-backed digital assets, according to Trump\u2019s crypto czar, David Sacks. 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