41 percent. That's how much of their banking relationships small island nations have lost since the last decade. The WTO's new stablecoin report says that's exactly the gap this technology is stepping into.
Only 5 of roughly 29 surveyed jurisdictions have actually finished a stablecoin framework so far.
The WTO is upfront that it does not regulate stablecoins. Its role here is only to examine how payment technologies like this one change the conditions international trade runs on.
This isn't a US only story. The law binds US banks and issuers directly, but most stablecoins are dollar pegged and move through US platforms or banking rails anyway. This vote reaches any treasury that holds these balances, wherever it sits.
Tomorrow at 2:15pm ET, the Senate votes on the CLARITY Act, the bill that sets the US rulebook for crypto trading and stablecoins. This first vote only decides if debate opens, not if the bill passes.
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