Will Stablecoins Replace The U.S. Dollar? Why The Fed Is Worried

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Will Stablecoins Replace The U.S. Dollar? Why The Fed Is Worried

This episode of What's Ahead delves into the reasons that top U. S. financial market and bank regulators are dreading the rise of a new type of cryptocurrency: stablecoins. Unlike Bitcoin and its brethren that fluctuate like yo-yos, stablecoins are tied to a specific asset, such as the dollar or gold, giving them a stability ideal for conducting commercial transactions. Done right, they are a substitute for cash. With blockchain, stablecoins cut out the layers involved in today's complex and expensive payment system. For insistence, merchants would no longer have to take credit cards with their 2% to 3% fees. More ominous for politicians and central banks, stablecoins could quickly become alternative currencies to those issued by governments. But make no mistake"”the Janet Yellens of the world are out for blood. Send me a secure tip Steve Forbes is Chairman and Editor-in-Chief of Forbes Media. Steve's newest project is the podcast "What's Ahead," where he engages the world's top newsmakers, Steve Forbes is Chairman and Editor-in-Chief of Forbes Media. Steve's newest project is the podcast "What's Ahead," where he engages the world's top newsmakers, politicians and pioneers in business and economics in honest conversations meant to challenge traditional conventions as…