Changpeng Zhao, CEO of crypto exchange Binance, has said that increased regulatory oversight in the US highlights the growing need for stablecoins without pegging to the US dollar.
According to him, the industry may start looking for “other options” for stablecoins. In the future, the role of tokens with a focus on the euro, yen, Singapore dollar and other currencies will “probably” increase.
He has added:
“Given the pressure and stance of regulators on USD-based stablecoins. This actually prompted us to look for more options in different places.”
He has also agreed with the statement that it “makes sense” to use “stablecoins” backed by gold.