DRW calls for regulation of fiat-backed stablecoins

Regulatory intervention would shore up confidence in flagging market, says major market-maker

FinTech

The head of one of the world’s largest cryptocurrency trading firms is calling for fiat-backed stablecoins to be regulated by US banking supervisors.

“Stablecoins should be regulated by banking regulators as a means of payment and remittance,” Chris Zuehlke, global head of Cumberland, the crypto arm of Chicago-based proprietary trading firm DRW, tells Risk.net.

“There are a small number of steps from a regulatory perspective that they could take that are not only smart and precise, but also

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