US Treasury Demands Accountability from Non-US Stablecoin Issuers

On Wednesday, the U.S. Deputy Secretary of the Treasury Wally Adeyemo warned about the risks posed by non-U.S. stablecoin issuers that use the U.S. dollar as backing. Adeyemo argued that foreign stablecoin issuers are obliged to implement robust procedures preventing bad actors from misusing their stablecoins, and should not enjoy the privilege of banking on...