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US stablecoin market draws Gensler’s concerns as global authorities focus on Facebook’s stablecoin entry

By Neil Roland ( August 3, 2021, 20:46 GMT | Insight) -- While global authorities are focusing on the potential impact of stablecoins due to be issued by Facebook, US Securities and Exchange Commission head Gary Gensler sounded alarms today about the existing, rapidly growing stablecoin market dominated by a few smaller firms. The four largest stablecoins — Tether, USD Coin, Binance USD and Dai — are “embedded” in crypto trading and lending platforms, he said. About three-quarters of trading on all crypto trading platforms last month took place between a stablecoin and another crypto token.While global authorities are focusing on the potential impact of stablecoins due to be issued by Facebook, US Securities and Exchange Commission head Gary Gensler sounded alarms today about the existing, rapidly growing stablecoin market dominated by a few smaller firms....

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