Paxos CEO: Stablecoins will have a significant impact on the future of the US dollar

ChainCatcher news, according to Cointelegraph, Paxos CEO Charles Cascarilla has sent an open letter to major presidential candidates in the U.S., urging them to adopt stablecoins to maintain the global dominance of the dollar and improve the inefficiencies of the traditional banking system.

Charles stated that the next presidential administration could determine the future leadership of the U.S. in the global financial industry. Blockchain and stablecoins are "reshaping the financial system," allowing it to coexist with the internet.

"Stablecoins or digital dollars (dollars digitized through blockchain technology) are a key upgrade to the payment system that will fundamentally change the flow of money, allow more people to participate in the global economy, and ensure the dollar's dominance in the coming years."