$690B Stablecoin Opportunity Unlocked as Senate Hears Digital Asset Costs Cut

The US Senate Banking Committee heard from Cody Carbone, CEO of Digital Chamber, on how digital assets can help reduce financial friction for households and businesses in America.

Carbone emphasized that crypto is not an inflation- or housing-busting tool, but rather a means to cut costs of payment, remittance, and asset transfer. He highlighted the potential of stablecoins and blockchain-based payment rails to lower cross-border payment costs, merchant transaction fees, and administrative expenses.

The current system of international payments is plagued by high fees, Carbone noted, citing figures that show average transfer fees exceeding international targets, with fees for sending $200 abroad still greater than $12. Regulated stablecoins on the dollar could lower those costs, he said, making transactions more efficient, cheaper, and transparent.

Carbone also touched on tokenization, suggesting that blockchain ownership records can streamline processes in financial markets, supply chains, collateral management, and real-estate deals. He forecasted that tokenized assets could be worth trillions of dollars in total value over the next decade, but emphasized the need for regulatory clarity.