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The US plans to legislate to ban endogenous collateralized stablecoins, which may affect various projects.
The U.S. plans to introduce a stablecoin bill, and some stablecoins may face regulatory risks
After the collapse of the Terra/UST algorithmic stablecoin system, the United States has strengthened its regulation of stablecoins. Recently, there have been reports that the U.S. House of Representatives is preparing a stablecoin bill that aims to impose a ban on algorithmic stablecoins similar to TerraUSD (UST).
The bill draft aims to prohibit the issuance or creation of new "endogenous collateral stablecoins." Such stablecoins are typically convertible, redeemable, or repurchased at a fixed monetary value and rely on another digital asset from the same creator to maintain their fixed price.
"Endogenous collateral stablecoin" typically refers to stablecoins issued using collateral created by the issuer (such as governance tokens). This mechanism may lead to a spiral increase in collateral prices and stablecoin supply during a bull market, while in a bear market it can trigger a death spiral due to liquidations. For regulators, this mechanism poses higher risks.
The following are the situations that several types of stablecoins may face under this bill:
Over-collateralized stablecoins: For example, some projects use their own governance tokens as collateral to mint stablecoins in an over-collateralized manner. Although these projects have their own risk control mechanisms, they may fit the description of "endogenous collateral stablecoins" and face regulatory risks.
Stablecoins with mechanisms similar to Terra: Such as a protocol built on a certain blockchain, whose mechanism is similar to Terra. These types of stablecoins are more likely to face regulation.
Some algorithmic stablecoins: Although certain algorithmic stablecoins currently have a high collateralization ratio and the likelihood of a death spiral is very low, they may still meet the definition of the statutory prohibition.
Fiat-collateralized stablecoins: This draft legislation provides a channel for the legal issuance of stablecoins backed by fiat currency. Banks or credit unions can issue their own stablecoins under the supervision of regulatory authorities.
Other decentralized stablecoins: Some stablecoins that are collateralized by decentralized assets, their legality under this act is currently unclear.
For decentralized stablecoins, issuing new endogenous collateral stablecoins may be deemed illegal, which could involve many relatively safe stablecoins. For centralized stablecoins, the legislation clarifies the regulatory agencies, and banks issuing their own stablecoins may become more common.
It is important to note that the bill is currently still in draft stage and may change during the discussion process; it will take some time to actually come into effect.