The total market capitalization of the stablecoin sector has topped $174 billion as of November 2024 and continues to grow.
Former United States Senator Pat Toomey believes there are several unanswered questions regarding stablecoin issuers and their underlying assets that must be resolved before comprehensive stablecoin regulations are passed in the US.
In an interview with Cointelegraph’s Turner Wright, the former Pennsylvania Senator cited bankruptcy resolution for failing stablecoin firms, reserve requirements, insurance on bank deposits, and regulatory jurisdiction as key areas of concern. Toomey voiced his concerns — particularly with potential oversight from the Federal Reserve:
However, the former Senator expressed confidence that the political will to establish stablecoin regulatory clarity was strong.