US Congressman Patrick McHenry believes stablecoins can succeed if properly regulated. He thinks PayPal’s USD-pegged stablecoin especially has potential in the US financial system.
McHenry said clear regulations would help stablecoins thrive as digital payments. He noted bipartisan efforts in Congress to make laws that position the US as a leader in new financial systems using stablecoins.
McHenry’s positive view shows growing acceptance of stablecoins’ benefits by US lawmakers and regulators. But he stressed transparent regulations are key for stablecoins to achieve their possibilities in the evolving digital economy.