- For each cryptoquant founder, ‘Dark Stablecoins’ can be the answer to increasing government control of legacy digital dollars.
- Community reactions were mixed; Some supported it, while others claimed that BTC is a better alternative.
Cryptoquant founder Ki Young Ju has predict The possible rise of censorship-resistant ‘Dark Stablecoins’ in the future.
Young Ju argued that increasing urge for government control on legacy stablecoins Such as Circle’s USDC and Tether’s USDT can accelerate the ‘Dark Stablecoins’ scenario.
Source: X
Bitcoin vs. stablecoins
According to the young Ju, Bitcoin’s [BTC] Early Adopters embraced it because of his censorship -proof skills.
However, the intermediaries involved in regulated Stablecoins will make it difficult for Legacy digital dollars to survive control of the government.
The executive expected that the ‘Dark Stablecoins” ” ‘algorithmic’ or who are published by friendly countries that do not impose financial checks.
He mentioned Tether’s USDT as a potential candidate ‘Dark Stablecoin’ if the company has a candidate for the American compliance ground.
“USDT itself was used to be a censorship-proof Stablecoin. If Tether chooses not to comply with the US government regulations under a future Trump government, it could become a dark Stablecoin in an increasingly censored internet economy.”
Here it is worth noting that the American Stablecoin accounts, especially the Senate Genius Act, Set strict control for digital digital expenditure for digital dollars for national security and consumer security purposes.
This includes a limited access function to the digital dollar if the recipient is on the blacklist of the government.
Young Ju’s prospects generated mixed reactions. Some supported the idea, with one user called Legacy Stablecoins A ‘Chokepoint for BTC. ‘
“Stablecoins are a choke point for Bitcoin, like any intermediary of third parties. Europe has already cleared access to Bitcoin through Stablecoin regulation. And the US is also slowly getting more control over USDT flows. I agree, we need dark Stablecoins!”
However, others believed That BTC was enough and there was no need for ‘Dark Stablecoins’.
Stablecoins are digital currencies linked to other digital or traditional currencies such as the US dollar, the euro or raw materials such as gold.
From 25 May, the US Dollar Stablecoins will remain the most dominant in the segment.
Tether’s USDT and Circle’s USDC Collective Check for 90% of the market. From the Stablecoin market of $ 242 billion, USDT ($ 149.9 billion) and USDC ($ 60 billion) account for $ 209 billion.