The United States’ concerns about the rise of cryptocurrency use in illegal activities have only been growing as developments in the space continue to push the envelope. There is a global race to launch stablecoins that could be potentially utilized by more than half the world’s population. Meanwhile, Facebook (NASDAQ:) is committed to launching a Libra stablecoin that is regulatorily compliant and can be used by over 2.5 billion Facebook subscribers. Russia is leading the world’s first multinational stablecoin initiative along with the Eurasian Economic Union and BRICS countries, which could be utilized by 41% of the world’s population, and Tether launched an offshore yuan-pegged stablecoin dubbed CNHT, which can be transmitted person-to-person via blockchain-based mobile devices.
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