Former CFTC chair Chris Giancarlo told CNBC that dollar stablecoins give 24/7 dollar access and can displace failing fiat. He stressed clearer rules and infrastructure will let compliant issuers scale.
In an Aug 29 CNBC interview, former CFTC chair Chris Giancarlo said dollar stablecoins will replace failed national currencies in countries where banking breaks down.
He emphasized 24/7 payment rails and instant access to the dollar as practical reasons people choose stablecoins over flawed fiat, and faster cross-border transfers too.
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Stablecoins Offer 24/7 Dollar Access in Failed Fiat Settings
Giancarlo framed his claim in stark terms, saying dollar-backed stablecoins offer a workable alternative when national money fails.
He pointed to practical features, including around-the-clock settlement, low-friction transfers, and widespread dollar access, that make stablecoins usable when banks close or local currency collapses.
Giancarlo called the current era a “Cambrian explosion” of experimentation, saying many models will compete before consolidation. He argued that clearer rules and infrastructure will let compliant dollar stablecoins scale, and he repeated the view on social media following the CNBC segment.
The former chair warned about currency debasement as a core risk that pushes citizens to seek dollar-denominated alternatives, and practical payments utility.
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Regulatory Clarity and Market Scale Support Stablecoin Adoption
Giancarlo linked his view to the evolving policy environment, saying clearer rules let compliant issuers scale. He said U.S. regulatory openings encourage competition, which will separate viable stablecoins from speculative tokens.
He used market figures as context, noting the stablecoin market has grown into the low hundreds of billions of dollars worldwide, with USDT and USDC representing the largest shares.
As of early September, global stablecoin supply stood around $289 billion, USDT about $168 billion and USDC about $72.6 billion.
According to Giancarlo, infrastructure must include custody, audits and clear redemption rights, and when those elements exist, dollar-token adoption becomes practical for households and businesses seeking stability and faster settlement globally.
Conclusion
Giancarlo said dollar stablecoins meet unmet practical needs in failed-currency settings and that regulatory clarity will let compliant issuers scale. His forecast centers on gradual experimentation and functional displacement of broken fiat where users seek dollar access.
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