Biden administration calls on Congress to take the lead regulating stablecoins

“If well-designed and appropriately regulated, stablecoins could support faster, more efficient, and more inclusive payments options,” the report says. But it notes that stablecoins also present “a variety of risks” and that there are “key gaps” in regulators’ ability to address them. “The rapid growth of stablecoins increases the urgency of this work. Failure to act risks growth of payment stablecoins without adequate protection for users, the financial system, and the broader economy.”