Digital Dollar Wallets Project is not a safe haven for crypto
The House proposal for a digital dollar capable of injecting cash directly into citizens’ wallets.
How far can we go the average full-time employed U.S. citizen earns around $2 million? 500,000 people need to work their entire lives to collectively earn $1 trillion. How long does The Fed need to print a trillion?
We estimate about 5 years (also probably ~$1 trillion of value in circulation today)
Let's say, instead of using production-ready Stellar they decide to somehow magically build their blockchain under an impossible deadline, with all the necessary on/off grades support, optional asset and wallets control, KYC and AML in which the Stellar is unique.
In this short period, they will also execute all the stability long-term testing, achieve project transparency and gain the necessary trust.
Unless, Ther is an opportunity for another existing blockchain - at the end, for the politicians, the "lobby" matters. We rather don't count on this option, it would make us sad. Proprietary, Stellar or something else, for simplicity.
The USA is the technological super-power starting trends other countries follow. How hard would be for some other country to follow their approach?
Will the EU give up EUR and join the proprietary USD project?
Will the EU release digital EUR on the property, if US government-control blockchain and other assets are supported as well? We don't think so.
Even if the USA will accept the bill and decide to build their custom blockchain, still not all the other countries have the resources to replicate this process. If not the US then some other may choose Stellar, similarly as they choose US products like Microsoft Windows or Google Cloud. And the Stellar project is also something even Trump can be proud of, it can be called the American product!
By the way, isn't the IBM World Wire production-ready as well? I think I heard that in one of the Inside Stellar recent podcasts - that they need the customers only. Not a bad beginning, 97% of the world’s largest banks are IBM clients. I don't think we can expect using World Wire for the digital dollar, but vice versa - it won't be a big deal for IBM to implement for their bank customers the on/off Digital Dollar Project, grades for new Stellar asset type. After all, they already know how to integrate the Stellar. And with the other products, IBM has also the best experience with the blockchain at all.