Paxos CEO Charles Cascarilla has written an open letter to Vice President Kamala Harris and former President Donald Trump, warning that the United States risks falling behind in global finance if it does not adopt stablecoin technology. Cascarilla highlighted the inefficiencies of traditional financial systems and the potential economic decline the US could face. He described stablecoins as a solution to these issues, as they enable faster and more accessible payments and can expand financial access for underserved populations. Stablecoins have gained traction and reached a market capitalization of nearly $170 billion in Q3 2024. However, Cascarilla noted that regulatory uncertainty in the US is hindering firms' ability to operate domestically, potentially leading to a loss of jobs, capital, and innovation to countries more supportive of blockchain technology.



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