TechFlow reported on October 29, citing Cointelegraph, that Paxos CEO Charles Cascarilla sent an open letter to major U.S. presidential candidates urging them to adopt stablecoins to maintain the dollar's global dominance and improve the inefficiencies of the traditional banking system.
Charles stated that the next presidential administration could determine America’s future leadership in global finance. Blockchain and stablecoins are "reshaping the financial system" to make it symbiotic with the internet.
"Stablecoins or digital dollars (dollars digitized via blockchain technology) represent a critical upgrade to payment systems that will transform the flow of money, enable broader participation in the global economy, and ensure the dollar’s dominant position in the years ahead."
