Peter Schiff: Stablecoins are a weak barrier to the dominance of the US dollar.

Gate News bot message, Peter Schiff believes that stablecoins, which are digital money pegged to the US dollar, will not play a key role in ensuring the future of the US dollar. He pointed out in a statement that the main use of stablecoins is for Crypto Assets trading, rather than for broader economic transaction mechanisms.

Peter Schiff also warned that the rising federal budget deficit and intensifying inflation will decrease the demand for non-interest bearing, dollar-pegged stablecoins. Prior to Peter Schiff's remarks, there were concerns that the purchasing power of the dollar would decline as national debt continues to increase.

Schiff believes that as the government's fiscal situation deteriorates, the demand for stablecoins as a store of value will decrease. He added that in an environment of high inflation and fiscal instability, stablecoins cannot fundamentally serve as a stable and reliable means of wealth storage.

View Original
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • Comment
  • Repost
  • Share
Comment
0/400
No comments
Trade Crypto Anywhere Anytime
qrCode
Scan to download Gate app
Community
English
  • 简体中文
  • English
  • Tiếng Việt
  • 繁體中文
  • Español
  • Русский
  • Français (Afrique)
  • Português (Portugal)
  • Bahasa Indonesia
  • 日本語
  • بالعربية
  • Українська
  • Português (Brasil)