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USDT may be blocked, US Senate: Encourage banks to enter stablecoin market, Tether will be eliminated

Last week, the US Senate proposed the latest stablecoin bill, which aims to ban algorithmic stablecoins, require issuers to back their tokens at a 1:1 ratio, and implement an anti-money laundering framework. Regarding this bill, S&P Global analysis indicates that it will weaken Tether's dominant position in the global stablecoin market.

However, Tether is not a US company and is therefore not a payments stablecoin permitted by the proposed bill. This also means that US users cannot hold or trade Tether, which could reduce demand and boost domestic stablecoins.

A long time ago, I asked my friends to try exchanging USDT for USDC. There is a difference between these two currencies. USDC is a stable currency backed by the US dollar and its parent company accepts certifications and audits from financial institutions on a monthly basis. Greater transparency and security.

Remember, USDC is the best.