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The IMF urged Nepal to monitor crypto closely despite a 2021 ban, noting crypto inflows briefly exceeded 13% of GDP in 2021 and climbed back toward 8% in 2024, with stablecoins making up a growing share.
The Independent Community Bankers of America launched an ad campaign against the Clarity Act's stablecoin reward language, arguing it draws deposits from traditional banks, while crypto advocates call it a fight against competition.
Odell argues centralized payment rails like M-Pesa and Venmo enable private bank digital currencies (PBDCs), which pose similar surveillance and censorship risks as CBDCs due to public-private partnerships.
James Check argues the broader crypto ecosystem is facing an 'extinction-level event.' He says product-market fit has narrowed to perpetual swaps and stablecoins, with natural buyers absent for most tokens, unlike Bitcoin.
James Check analyzes stablecoins like Tether as undeniable successes in dollarizing parts of the global economy. He argues this supports US dollar hegemony and will be encouraged by US regulators, per the Clarity Act.
Check's long-term monetary thesis is that weaker fiat currencies will collapse into the US dollar first, aided by stablecoins. Eventually, savers will seek sounder assets like Bitcoin as they recognize the dollar's own governance flaws.