Free Republic

Crypto industry observers were baffled Wednesday afternoon when an on-chain transaction showed that Paxos, the issuer behind the PayPal-branded PYUSD stablecoin, minted $300 trillion worth of the tokens on the Ethereum blockchain. A little over 20 minutes later, all 300 trillion PYUSD tokens were "burned," or effectively destroyed, by sending them to an inaccessible network address. For context, $300 trillion is more than 2.5 times larger than the entire world’s GDP, which is approximately $117 trillion, according to the International Monetary Fund. There is also only $2.4 trillion in physical U.S. dollars in circulation, per TradingEconomics. It cost just $2.66...

If the dollar dominates stablecoins, America could dominate global finance for centuries“I will make sure the US is the crypto capital of the world,” Donald Trump vowed earlier this year. In July, he signed the Guiding and Establishing National Innovation for US Stablecoins (Genius) Act. The Act creates federal guardrails for dollar-pegged stablecoins and regulates who can issue and redeem them. Concerns from law enforcement are also addressed, by making sure anti-money laundering and consumer regulation applies. But what are stablecoins? They are digital tokens built to stay at a stable price, usually one dollar. They sit on the blockchain...

The National Debt IssueAmerica’s national debt is a ticking time bomb, exploding right under our noses. As of September 2025, the gross national debt has ballooned past $37 trillion, a staggering figure that’s not just numbers on a ledger but a crushing burden on every hardworking American. Interest payments alone are gobbling up 17% of federal spending, sucking the life out of our economy like a vampire at a blood bank.But here’s the good news: President Donald J. Trump, in his triumphant return to the White House, is unleashing a crypto revolution that’s poised to slay this debt dragon. These...

The newly elected UK prime minister wants to “fix our economy, unite our Party and deliver for our country” Sunak previously asked the Royal Mint to create NFTs to demonstrate the country’s commitment to investing in cryptocurrency technology The United Kingdom’s incoming prime minister may be a bullish indicator for the country’s crypto prowess. Former Chancellor of the Exchequer Rishi Sunak is set to take the seat following the resignation of Liz Truss — who was in office for just 45 days. Handpicked by fellow Conservative Party members on Monday, Sunak, the son of Indian immigrants, will be the first...

California Governor Gavin Newsom has vetoed a bill crafted to create a licensing and regulatory framework for cryptocurrency firms in the state, Under the bill, crypto companies wishing to serve California residents would be required to first receive a license to do so, and it would have also formally adopted new rules governing stablecoins. This includes a requirement that licensed companies only engage with bank-issued stablecoins, which must remain 100% backed by reserves.

The Biden administration has made it clear they oppose the potential of stablecoins. But proponents view these private digital tokens, which are backed by reserve assets such as the U.S. dollar and short-term debt (e.g., commercial paper), as serving a key function to ensuring that all Americans have access to financial services. Pervasive opposition to digital tokens in the Biden administration could terminate future opportunities for providing capital to Americans that currently lack access to financing and bank deposits. Overregulation will stifle innovative financing products that could help provide capital for the unbanked and underbanked, or individuals who lack sufficient...