Bitwise Chief Investment Officer: Stablecoin legislation may be more influential than US spot Bitcoin ETF

On April 30, Matt Hougan, chief investment officer of digital asset management company Bitwise, said recently that if the U.S. Congress passes comprehensive stablecoin legislation this year, its influence in promoting the large-scale application of cryptocurrencies may exceed the launch of the U.S. spot Bitcoin ETF. On Wednesday, Maxine Waters, a senior Democratic member of the U.S. House Financial Services Committee, said that she and committee chairman Patrick McHenry will soon launch a stablecoin bill. Hougan believes that this important signal is underestimated by the market. He pointed out that the bipartisan consensus in Congress on stablecoin legislation is mainly based on three factors: 1. Stablecoins are conducive to the U.S. dollar maintaining its status as a global reserve currency; 2. Stablecoin projects are the main buyers of U.S. Treasury bonds, equivalent to the world's 16th largest sovereign holder; 3. Stablecoins contain huge financial opportunities, such as Tether, the largest stablecoin issuer, which generated $6.3 billion in profits last year with only 125 employees.