Cryptocurrency News Today TheBitTimes.com

Senator Bill Hagerty (R-TN) says that one segment of the crypto industry will likely become the largest holders of US Treasuries. In a new interview on CNBC Television, Hagerty says stablecoin issuers will likely purchase massive amounts of US Treasuries as reserve funds to ensure the digital assets remain pegged to the dollar. Says Hagerty, “Stablecoin issuers will be the largest holders of US Treasuries in the world.” Hagerty introduced the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, which aims to establish federal regulations around the use of stablecoins. The bill is currently being debated by Congress. Asked what will back stablecoins, Hagerty says, “It’s not going to be equities. It’s going to be high quality short-term assets, either short-term US Treasuries or cash. I think the majority of it will be US Treasuries.” On Monday, Hagerty celebrated the bill moving closer to becoming law...

Leading financial analyst and gold proponent Peter Schiff explained on X how China could easily crash the US dollar now. His bold statements come after China recently dumped $23 billion worth of US Treasuries and trimmed its dollar holdings. China held $1,350 billion worth of US Treasuries in 2012 and steadily cut the holdings for over a decade. It now holds only $760 billion worth of US Treasury bonds and is diversifying its reserves with gold. Also Read: UK Tests Offline CBDC Payments—What This Means for Bitcoin and Privacy Coins Source: US Treasury Department China Could Bring the US Dollar in Just 3 Steps, Says Peter Schiff Source: iStock Veteran analyst Peter Schiff explained that the US could lose the trade wars if China just pulls three strings. He said that China needs to dump all its US Treasuries and replace its central bank reserves with gold. The move will reduce the power of the USD and bring inflation in the homeland if the White House fails to import the USD. Also Read: ...