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US President Donald Trump is optimistic that dollar-backed stablecoins will help maintain the US dollar as the leading currency in the world.
In a pre-recorded video for the participants of the Blockworks Digital Asset Summit in New York, Trump said he encourages the creation of a legal framework for stablecoins, cryptocurrencies pegged to the value of a stable asset such as the US dollar.
“I have called on Congress to pass landmark legislation creating simple, common sense rules for stablecoins and market structure. With the right legal framework, institutions large and small will be liberated to invest, innovate and take part in one of the most exciting technological revolutions in modern history.”
He says that stablecoins will enable crypto pioneers to fuel America’s financial growth and strengthen the US dollar’s position as the most dominant global currency.
“You will unleash an explosion of economic growth and with the dollar-backed stablecoins, you will help expand the dominance of the US dollar in many, many years to come. It will be at the top and that’s where we want to keep it. We only want to keep it at the top always.”
Trump says the financial revolution will take place in the US, which he hopes to make the world’s leading crypto hub.
“I can already see that the energy and passion of the crypto community is the kind of spirit that built our country and it is exciting to watch as you invent the future of finance right here. It is going to be right here in the USA, the good old USA. Together, we will make America the undisputed Bitcoin superpower and the crypto capital of the world.”
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