BlackRock CEO Larry Fink: Countries are racing to launch their own stablecoins
“Every member of our government needs to wake up to the idea that these deficits are threatening our future and the value of the dollar. Let’s be clear, if we were not the country whose currency is the currency of the world, we would not be able to have these deficits… it is a privilege, not a right. I think too many men and women in congress think it’s a right, not a privilege, and I think we’re jeopardizing that right.”
Larry Fink points out that crypto is creating a credible alternative to the dollar:
“I was in Asia two weeks ago, and the countries are all talking about creating their own stablecoins because they’re worried about the increased dominance of a dollar stablecoin worldwide. So they’re all going to start their own.”
And when regulated institutions and sovereigns need neutral global rails to issue these stablecoins, they’re overwhelmingly choosing Ethereum Mainnet (which already hosts $168 billion in stablecoins — 55% of the global market).
Hong Kong’s regulated HKD stablecoin went live on Ethereum this month.
Twelve of Europe’s largest banks are launching a euro stablecoin on Ethereum later this year.
Australia’s largest bank has been issuing AUD on Ethereum since 2022.
A few weeks ago, the Japan Blockchain Foundation announced plans to launch a Yen stablecoin on Ethereum.
Video source: @CPIWealth (Aug 2025)
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