Peter Schiff Slams Growth of US Stablecoin Usage, Questions Their Role in Economy

Economist and gold advocate Peter Schiff has voiced his concerns about the rising popularity of stablecoins in the United States. His criticism comes amidst debate over the “GENIUS Act,” a proposed legislation on stablecoin regulation. Schiff believes these stablecoins, pegged to the US dollar, will not contribute to the country’s economy and could even exacerbate budget deficits. He argues they are primarily used for transactions within the crypto market, especially Bitcoin, offering little impact beyond their sector.