VanEck’s head of digital assets research, Matthew Sigel, criticized a recent US Treasury Department’s views on digital assets in a recent report, claiming it had an anti-stablecoin stance based on outdated academic views.
Sigel stated that the Treasury relied on a single academic study by Gary Gorton and Jeffery Zhang to justify a preference for centralized financial systems. Additionally, he said the study’s US-centric historical analysis promotes a “recycled narrative” that private money is inherently unstable, deeming it misleading.
Sigel added:
“History from other countries shows that private currencies don’t automatically lead to instability — when the right checks and balances are in place, they can be just as reliable as government-issued money.”
The Treasury Department’s document had positive remarks about representing real assets on the blockchain, a process known as tokenization. It added that stablecoins and tokenization could reshape the financial la
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