The analyst predicted the emergence of a market for "black" stablecoins. What is the reason?

The tightening of state regulation may provoke the emergence of a market for “black” stablecoins, believes the CEO of the analytical blockchain platform CryptoQuant, Ki En Ju. In his opinion, the authorities’ desire to control the use of stablecoins will lead users to start searching for options for such cryptocurrencies that are not subject to censorship.

Stablecoins serve as a bridge between the digital and real worlds, and until recently, governments, except in cases of combating money laundering, “did not interfere” with stablecoins, writes Ki. According to him, this made such tokens a safe way to store assets for various groups, such as Chinese miners.

“But this is changing. Soon, any stablecoin issued by a country may face strict government regulation similar to that of traditional banks. Automatic tax collection through smart contracts, wallet freezes, or document filing requirements based on government rules may be initiated. People who have used stablecoins for large international transfers may start looking for censorship-resistant shadow stablecoins instead,” writes Ki.

He noted that there are two ways to create “black” stablecoins. These are either algorithmic tokens not controlled by governments or stablecoins issued in countries that do not censor financial transactions.

Ki believes that one possible example could be a decentralized stablecoin, the rate of which will be tied to the price of regulated tokens, such as USDC, through oracles like Chainlink. The analyst added that he does not know of any similar project yet, but mentioned under the post the head of Chainlink, Sergey Nazarov, drawing his attention to the idea.

“I am not sure if there are still long-term investors in cryptocurrency, but I believe that assets related to dark stablecoins may have investment potential in internet capital markets. DYOR (Do Your Own Research — ed.),” concluded Ki.

US President Donald Trump is actively promoting the development of the market and regulation of dollar stablecoins. At the end of January, the first decree he signed after his inauguration was a document titled “Strengthening US Leadership in Digital Finance,” where the key point highlighted is stablecoins.

At the same time, in early May, a number of Democratic senators in the U.S. did not support the stablecoin bill (GENIUS Act) during a key vote, which stalled the adoption of the document. Senators argue that the bill still needs further refinement.

The industry believes that the halt in the acceptance of GENIUS could have further negative consequences for other cryptocurrency bills. Matt Hougan, head of the large asset management company Bitwise, stated that if the U.S. Congress does not pass at least one of the cryptocurrency laws, the industry may face a “difficult summer.”