#TheStablecoinDebate STABLECOIN WAR JUST HIT WASHINGTON. WSJ’s Greg Ip called $USDT and $USDC “private money,” warning that 84% of illicit crypto activity still flows through stablecoins while real payment adoption remains under 1%. He compared today’s market to America’s chaotic 19th-century free banking era. But Coinbase fired back hard. Policy chief Faryar Shirzad argued that nearly 90% of U.S. M2 is already backed by private bank liabilities — meaning “private money” already dominates the financial system. The difference? The GENIUS Act would force stablecoin issuers into strict 1:1 reserves and ban leverage entirely. This is no longer just a crypto debate. It’s a battle over who controls digital dollars. 🇺🇸💵 If Congress passes the GENIUS Act before the August recess: • Institutional stablecoin adoption accelerates • TradFi on-ramps reopen at scale • $USDT & $USDC gain stronger regulatory legitimacy • Crypto payment infrastructure enters a new phase But if the WSJ narrative gains traction with lawmakers, the timeline could slip — delaying one of the biggest regulatory catalysts crypto has seen in years. Markets are watching Washington closer than charts right now. $USDT $USDC $ETH #ICEBacksOKXOilPerps #TheStablecoinDebate @OKX Orbit