According to sources, the US treasury department is planning to do a deep Investigation on the stablecoin and will make very strict regulations to overcome the risks associated with stable coins.
A recent report of Bloomberg claimed that the US treasury department will ensure the safety of the stablecoin traders. The Treasury Department will investigate Stablecoins like USDT, USDC crypto assets.
Sources also unveil that the treasury department raised issues on the stability of the stablecoins in those circumstances, when fire sale of the stablecoins will take place in the industry.
So the oversight Investigation on stablecoins will ensure that how much capability these stablecoins have to maintain stability.
Around a week ago, Gary Gensler, chairman of the US Securities and Exchange Commission, said that there are many stable coins in the crypto market, which are actually securities. And there is a huge need for strict regulation to ensure the security of the users. And also added that there are many chances that bad actors will use it against the public policy goal.
Before this in July, Janet Yellen, U.S. Treasury Secretary, said that there is quick action needed on the stablecoins.
“act quickly to ensure there is an appropriate U.S. regulatory framework in place.”
Right now in crypto market, two top stablecoins are USDT and USDC with Market cap US$68 billion and US$29 billion, respectively.