In drafting this legislation, we prioritized allowing innovation to prosper. Under this bill, stablecoins will create the ability to send a payment anywhere in the world instantly with a lower fee than the current options. Right now, financial transfer technology like wire transfers can take up to ten days, which is often too long if the money is being sent for an emergency. It will allow innovators to build new programs and apps that give consumers more control and flexibility. The possibilities for using stablecoins are numerous, and we are just starting to see how financial innovation will thrive once stablecoins become a common form of payment.
