While stablecoins are gaining extreme popularity across the globe, Paul Krugman thinks their only real use case is to support financial crimes
The Nobel Laureate says doallr-backed tokens are not suitable for real-world applications like ordinary purchases
The stablecoin market has grown exponentially since the inception of asset-backed cryptocurrencies. Their current market cap is over $251 billion, amounting to 7.63% of the total crypto market capitalization. Top stablecoins like USDT and USDC are used by billions of crypto users all over the world.
The increased popularity and usage of these tokens have made it mandatory for governments to regulate them. Donald Trump’s Presidency has already started moving forward several bills, such as the STABLE Act and the GENIUS Act, to regulate stablecoins in the country.
Meanwhile, a Nobel award winner in Economics is saying that stablecoins have no practical use cases. This is sending waves across the crypto industry at a
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