Stablecoins Not Ready for Consumer Payments, US Watchdog Says

The recent collapse of a popular stablecoin shows that the tokens aren't ready to be used by consumers to make payments, according to a key US watchdog. From a report: "People wonder: Is it going to be one day used for consumer payments?" Rohit Chopra, director of the Consumer Financial Protection Bureau, said in a Bloomberg TV interview Monday. "Many are thinking it's not ready yet." [...] Chopra said there may be "movement" on crypto regulation this year. Regulators are studying a range of issues, including rules for stablecoins, following an executive order from President Joe Biden. "A lot of people thought that a stablecoin was just going to be as good as a dollar," Chopra said. "But they're learning that it's not."

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