American financial regulators have sat down with major stablecoin projects in an effort to better understand the manufacture.

The Commodity Futures Trading Committee's Technology Advisory Committee held a public meeting on Feb. 26 to larn nearly stablecoins, cryptocurrency insurance, custody practices and cybersecurity.

Iii stablecoin projects: JPM Coin, MarkerDao and Paxo were in omnipresence, discussing dissimilar aspects of stablecoins during the coming together.

The committee discussed various topics on stablecoins. The offset was presented by Charles Cascarilla, CEO of Paxos, who spoke on the apply cases of ii of Paxos' electric current stablecoin projects.

Another report was presented by Eddie Wen, Global Caput of Digital Markets. He talked well-nigh the JPM Coin instance and its currently nether development of the project.

Referring to this topic, CFTC Commissioner Brian Quintenz said in his opening argument that JPM Coin is designed to be a digital representation of U.S. dollars held in designated accounts at JP Morgan Chase that can be used for instantaneous payment transfers on the blockchain between institutional JPM clients.

Steven Becker, President of the MakerDAO Foundation provided the terminal case study of stablecoin. He gave an overview of what decentralized finance or DeFi is like today.

Stablecoins have the potential to serve every bit liquid mediums of substitution

CFTC Commissioner Brian Quintenz has a positive outlook of stablecoins as liquid substitution mediums in the near future, to which he added that:

"In the furtherance of providing such correlated value, stablecoins accept the potential, through tokenization, to function every bit viable, liquid mediums of exchange and serve equally powerful enablers of smart contracts."

Future outlook of stablecoins

Tomasso Mancini-Griffoli, Deputy Division Chief in the Monetary and Capital letter Markets Section of the Imf emphasized some of the public policy should accept into consideration with stablecoins. These policies included financial stability, budgetary policy control, privacy, contest, efficiency, consumer protection and financial integrity.

The U.S authorities has been looking to move into a digital dollar. As Cointelegraph previously reported, Christopher Giancarlo, the former chairman of the CFTC believes it's time for the Federal Reserve to issue a fully digital currency.