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Cryptocurrency News Articles
Bipartisan U.S. Stablecoin Legislation Will Be a Powerful Mechanism for Driving Capital Formation and Retail Onboarding Into Web3 Ecosystems
May 05, 2025 at 08:54 pm
Christian Thompson, Managing Director of the Sui Foundation, stated that bipartisan U.S. stablecoin legislation will be a powerful mechanism for driving capital formation and retail onboarding
Christian Thompson, Managing Director of the Sui Foundation, believes that bipartisan U.S. legislation on stablecoins will be a "pivotal moment" for capital formation and retail onboarding into Web3 ecosystems.
Speaking with Benzinga on the sidelines of Sui basecamp in Dubai, Thompson, former Meta Deputy Chief Information Security Officer and Libra/Diem project contributor, highlighted the importance of stablecoins for fast, inexpensive, and reliable cross-border transactions.
"It's a very powerful method to bring people into Web3 and all the benefits that it has," Thompson said, breaking down the barriers between brokers and makers across countries, especially in developing nations.
"Anytime you're sending money between two people from one place to another, it's super fast, super reliable, [and] very inexpensive to do," he noted.
This efficiency, he asserted, makes stablecoins a critical tool for global commerce and financial inclusion.
Thompson's comments come as the U.S. Senate prepares to vote on the GENIUS Act by May 26, which restricts stablecoin issuance to permitted issuers and mandates 1:1 reserve backing with short-term Treasury securities.
The House is advancing the companion STABLE Act, with both bills receiving bipartisan support to establish a federal regulatory framework for stablecoins.
Also Read: Tether CEO Says Big Four Accounting Firms Have Reversed Stance, Now Pursuing Audit Talks
Highlighting the experience of his previous role at Meta, Thompson emphasized the Sui Foundation's focus on security and scalability.
"Security is embedded in everything that we've built," he said, mentioning that three out of the five co-founders have security backgrounds, ensuring robust protections for Web3 applications.
He also pointed to technological innovations like the Walrus decentralized storage solution and the upcoming Seal primitive for access control as crucial for supporting both institutional and retail participation.
Looking ahead, Thompson predicted a "watershed moment" for real-world asset (RWA) tokenization, driven by regulatory clarity.
He explained that stablecoins could enhance transparency in sectors like real estate, where tokenized titles would reduce ambiguity.
"You get whole new asset classes that become available through RWA," he said, stressing the need for public understanding to accelerate adoption.
In broader Web3 trends, Thompson expressed optimism about Sui delivering real value to businesses and users.
He highlighted the foundation's work on zero-knowledge (ZK) login, enabling users to access Web3 services using Google or Apple IDs without revealing personal data, ultimately streamlining the user experience.
"ZK Login is the solution ultimately," he said, as it mirrors familiar Web2 authentication methods, facilitating mainstream adoption.
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