David Sacks & His Team In Making Headways To Bring Stablecoins Onshore

Donald Trump’s single-point agenda is clear: he wants to regulate the digital asset industry, and the best way to do this is to let his all-new Crypto Czar loose. In a press meeting with CNBC, David Sacks plans to bring stablecoin innovation to the US shore. 

Trump has been pushing the stablecoin agenda during his election, and now Sacks seems to take the onus and be the flagbearer for Stablecoin. Sacks pointed out that stable coin has taken off but off-shore. 

Stablecoin is approximately a 227 billion dollar industry, with 97% of the market dominated by US-based stablecoins like Tether’s USDT. USDT currently holds around 60% of the total market, as per CoinGecko. Still, the industry is mostly operated offshore. 

However, Sacks plans on changing that. David Sacks wants to bring this innovation and enable its growth.   

Is Stablecoin The Future 

The newly appointed Crypto Czar claims, “I think the power of stablecoins is that it could extend the dollar’s dominance internationally and extend it online digitally.” Therefore, it can be said that this strategic decision is not just meant to improve and internalize the process of regulating this section of digital assets.  

This decision works with the White House’s promise to promote the US dollar’s sovereignty and influence. This can also be seen in the executive order signed by Trump on Jan 23. The order states, “to promote the development and growth of lawful and legitimate dollar-backed stablecoins worldwide.” 

Therefore, the US government might try to push these coins as digital US dollars. As a result, this might become the new digital dollar.  

Regulated USDC Stablecoin 

To promote this, Sacks claims that the White House would provide support and establish legislation to control and regulate them closely. This could prove helpful for stablecoins like Circle’s USDC and USDT. 

While USDC is already seen as regulated, Tether’s USDT faces regulatory challenges in the  EU landscape. In fact, it is often labelled as a non-compliant Stablecoin. This new shift can finally change that and make USDT a regulated and compliant stablecoin.   

The Endnote: Tether’s Stance On The Situation 

Tether has expressed its happiness on the matter. Tether CEO Paolo Ardonio told Cointelegraph in October 2024  that Tether is the “best friend of the US government.” Therefore, the organization will welcome the decision of the US government to bring stablecoins onshore.