Stablecoins have the potential to cut transaction costs globally and strengthen the U.S. dollars global position, according to Anthony Scaramucci.
Scaramucci, founder of SkyBridge Capital, emphasized the strategic role of stablecoins and emerging crypto legislation during a recent appearance on CNBCs Squawk Box.
While addressing Bitcoins price movement, he shifted focus toward how stablecoins could reduce global transaction costs and reinforce U.S. dollar dominance. Scaramucci underlined the bipartisan push behind new regulatory frameworks such as the Stable Act and the GENIUS Act.
For context, the legislation, supported by industry stakeholders, sets regulatory guidelines for stablecoins, digital tokens typically linked to the U.S. dollar or similar assets.
On Monday, the Senate approved the GENIUS Act in a 66-22 vote, moving forward legislation focused on crypto regulation. Despite earlier concerns from some Democrats over former President Donald Trumps involvement in digital assets, 16 ultimately backed the bill.
Stablecoins Tied to U.S. Dollar Strength and Treasury Demand
Scaramucci noted that stablecoins like Circle and Tether are expanding their reserves with U.S. dollar-denominated assets, specifically U.S. Treasuries. He pointed out that Tether holds more U.S. Treasuries than countries like Germany or Japan.
According to Scaramucci, this accumulation boosts demand for Treasuries and supports the global position of the U.S. dollar. He added that future legislation would likely expand these reserves further. This development aligns with a growing international financial strategy centered around U.S.-backed assets.
Cost Reduction and Future Use Cases of Blockchain Payment
Further into the conversation, Scaramucci stated that stablecoins could help cut the $7 trillion in global transaction fees, including credit card and wire transfer costs. He envisioned practical use cases, such as paying with stablecoins at venues like New Yorks Hunt and Fish Club to bypass high credit card fees.
He supported U.S. efforts to retain crypto innovation domestically, contrasting the current administrations policies with what he described as speculative objections from the previous one.
White House Confident in Senate Passage
Notably, David Sacks, a senior adviser to U.S. President Donald Trump on both cryptocurrency and artificial intelligence, indicated that the administration anticipates bipartisan support for the stablecoin legislation in the Senate.
Speaking to CNBC on May 21 after a crucial vote where 15 Democrats sided with Republicans to overcome the filibuster, Sacks expressed confidence in the bills ultimate passage.