Analysts at rating agency Fitch have urged the European Union and the United States to seriously engage in the development of a regulatory framework for stablecoins.
According to a report published by the company, if states are able to control the movement of funds in digital assets, then they will reduce the risks of financial destabilization. The European Union is currently one of the first to publish draft regulations for stablecoins.
The US is also moving in this direction. First of all, it is necessary to create conditions under which banks and other financial institutions can freely use fiat-backed tokens. This will prevent the clandestine use of such coins.
Almost all stablecoins are pegged to the US dollar, so the US authorities need to focus on developing legislation for such instruments. According to Fitch analysts, this will ensure the transparency and liquidity of each virtual asset tied to the US currency.
The need to regulate stablecoins was previously stated by many representatives of the US leadership, including the Treasury and the Federal Reserve.