U.S. Treasury-led report sees urgent need for new law regulating 'stablecoins'

  • 11/1/2021
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WASHINGTON, Nov 1 (Reuters) - A U.S. Treasury Department-led regulatory body called on Monday for Congress to regulate issuers of “stablecoins” like banks and urged financial agencies to assess whether the role of these fast-growing digital assets in the country’s payments system posed a systemic risk. The report by the President’s Working Group on Financial Markets will likely boost policymakers’ efforts to put guardrails around stablecoins, a type of digital asset pegged to traditional currencies which has exploded in use over the past year. (Reporting by Pete Schroeder Editing by Chris Reese )

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