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In a recent open letter, Paxos CEO Charles Cascarilla expressed concerns that the United States risks falling behind in global finance without adopting stablecoin technology.&nbsp;
Addressed to current presidential candidates, Vice President Kamala Harris and former President Donald Trump, <a href="https://paxos.com/2024/10/28/letter-to-vice-president-kamala-harris-and-former-president-donald-trump/" target="_blank" rel="noopener noreferrer nofollow">the letter warned</a> that outdated financial systems could lead the U.S. into economic decline, describing this potential scenario as a “Rust Belt of financial services.”
Cascarilla highlighted the inefficiencies within traditional financial systems, noting that millions of Americans remain unbanked or underbanked despite rapid technology adoption worldwide.
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<h2 class="wp-block-heading" id="stablecoins-as-the-solution-to-inefficiency">Stablecoins as the solution to inefficiency&nbsp;</h2>
Cascarilla pointed to <a href="https://crypto.news/tag/stablecoin/" target="_blank" rel="noopener noreferrer nofollow">stablecoins</a> as a solution, describing them as digital representations of the U.S. dollar built on blockchain technology.&nbsp;
Stablecoins enable faster and more accessible payments, providing a critical upgrade to the nation’s payment infrastructure. Cascarilla argues that this technology could expand financial access for underserved populations and reinforce the dollar’s role as a global currency leader.
In the third quarter of 2024, stablecoin market capitalization <a rel="noopener noreferrer nofollow" href="https://crypto.news/stablecoin-usage-surged-in-q3-as-market-cap-hits-170b-coinbase/">reached an all-time</a> high of nearly $170 billion, driven by adoption and regulatory clarity from the EU’s new crypto rules, according to Coinbase and Glassnode.
Stablecoins have gained traction as a payment tool and are widely used in remittances and cross-border transfers.
Anthony Pompliano <a rel="noopener noreferrer nofollow" href="https://crypto.news/teslas-automation-will-help-with-stablecoin-adoption-pompliano/">recently suggested</a> that stablecoins could become the primary medium in a machine-driven economy as transaction volumes neared $20 trillion year-to-date.
While the European Union and countries like <a rel="noopener noreferrer nofollow" href="https://crypto.news/singapore-unveils-regulatory-framework-for-stablecoins/">Singapore</a> and the UAE <a href="https://crypto.news/crypto-will-become-a-vital-part-of-uae-trades-says-minister/" target="_blank" rel="noopener noreferrer nofollow">have implemented</a> progressive crypto regulations, Cascarilla noted that U.S. regulatory uncertainty has made it challenging for firms like <a href="https://crypto.news/tag/Paxos" target="_blank" rel="noopener noreferrer nofollow">Paxos</a> to operate domestically.&nbsp;
He expressed concerns that without a clear regulatory framework for digital assets, the U.S. may lose jobs, capital, and innovation to countries that are more supportive of blockchain technology.
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Paxos CEO warns US could become ‘rust belt of finance,’ urges stablecoins

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