Michael Saylor Advocates for USD-Backed Stablecoins to Unlock $10T Market

Michael Saylor, the co-founder and executive chairman of MicroStrategy, has shared his thoughts on how the U.S. could boost the global use of the dollar. He believes the U.S. has a big opportunity to make the dollar even more popular by creating a system where U.S. banks can issue stablecoins that are backed by U.S. Treasury bonds. A stablecoin is a type of cryptocurrency whose value is tied to a stable asset, like the dollar. By allowing banks to issue these stablecoins, Saylor suggests that the U.S. could make the dollar more widely used in digital transactions around the world.

Saylor, known for his support of Bitcoin, sees this as a step toward strengthening the U.S. dollar in the global economy. He believes that if the U.S. creates a clear and supportive regulatory framework for digital dollars, it could help the dollar stay dominant in the future of global finance. This move could potentially make the dollar even more essential, especially as digital currencies become a bigger part of everyday financial activities. Saylor’s vision focuses on leveraging the U.S. dollar’s power in the digital age to ensure its continued role as the world’s leading currency.

Michael Saylor Proposes U.S. Digital Dollar to Strengthen Global Currency Dominance

In an interview on CNBC, Michael Saylor discussed how the U.S. could take advantage of President-Elect Trump’s victory to create a digital assets framework that could make the U.S. dollar the world’s leading digital currency. Saylor pointed out that the current U.S. government has been against cryptocurrencies, and the rules for issuing digital currencies are still unclear. As a result, most dollar-backed stablecoins, like Tether, have been issued by companies outside the U.S. However, Saylor believes that with a new administration, U.S. banks could gain the ability to issue their own dollar-backed stablecoins, creating a huge opportunity for the U.S. dollar on a global scale.

Saylor also explained that if U.S. banks can issue their own digital dollars, it could unlock a $10 trillion international market for the currency. This would also increase demand for U.S. treasuries, which would be used to back the value of these stablecoins. By allowing banks to create these digital tokens, the U.S. could expand the role of the dollar in the digital economy, ensuring that the dollar remains the world’s dominant currency in both traditional and digital forms.

Michael Saylor Calls for U.S.-Backed Stablecoins to Meet Global Demand and Strengthen Dollar

When asked if this move could threaten the U.S. dollar, Michael Saylor explained that many people in countries like Russia, China, Africa, and South America can’t directly trade with the U.S. dollar because they don’t have U.S. bank accounts. Instead, they use Tether, a dollar-backed stablecoin, to get access to the dollar on their mobile phones. Saylor believes the U.S. could tap into this demand by creating a system where U.S.-regulated banks and companies issue dollar-backed stablecoins, making them more accessible globally.

Saylor emphasized that the U.S. should aim for much more than the $150 billion in dollar-backed stablecoins currently issued by offshore companies. He believes the goal should be to create $10 trillion in stablecoins backed by U.S. treasuries, with the money stored in the U.S. He argues that there is a strong demand for this, but to make it happen, the U.S. needs to develop a clear digital assets framework. Earlier, Saylor had suggested the U.S. could sell its gold reserves to buy Bitcoin and create a strategic reserve, further pushing his vision of digital assets as part of the country’s future financial system.