Dollar Stablecoins Are Great for Users and the US Government

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Fiat-backed stablecoins are no different. Financially speaking, sending someone 100 USDC is no different than sending them $100 via Venmo. In both cases, one user is handing over a claim against a balance sheet – Circle’s versus PayPal’s – to another. From the issuers point of view, each dollar held by its user is just a liability, to be matched against equivalent assets.

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