Former U.S. House Speaker Paul Ryan is emerging as an unlikely crypto champion, specifically for stablecoins. In a recent interview, Ryan expressed a bullish view on stablecoins, believing they could reach a staggering "trillions" market size – but only with proper regulation.

Stablecoins as a Solution?

Ryan sees stablecoins, cryptocurrencies pegged to assets like the U.S. dollar, as a potential answer to America's ballooning national debt, currently sitting at a hefty $34.7 trillion. His logic? Stablecoins, particularly those backed by U.S. Treasury bills, could significantly increase demand for government debt, easing the burden of interest payments exceeding $1 trillion annually.

Regulation: The Key to Unlocking Potential

However, Ryan acknowledges the current Wild West state of stablecoins, emphasizing the need for regulation. He's optimistic about a bipartisan effort brewing in the House Financial Services Committee, spearheaded by Patrick McHenry and Maxine Waters.

"I think there's a reasonable chance they could get a deal," Ryan said, envisioning a future where stablecoins transition from a "couple hundred billion dollars" market to a "trillion-dollar" powerhouse.

Dollar Dominance in the Digital Age

Beyond alleviating debt woes, Ryan sees stablecoin adoption as a way to solidify the U.S. dollar's dominance in the digital age. Integrating the dollar with this burgeoning technology could solidify its global standing, a sentiment shared by other prominent Republicans like former President Donald Trump, who recently softened his stance on crypto.

A Glimmer of Bipartisanship?

Ryan's pro-stablecoin stance is a stark contrast to the skepticism often voiced by Democrats. This potential bipartisan agreement on stablecoin regulation could pave the way for a more stable and flourishing crypto landscape in the U.S. However, whether this optimistic outlook translates to reality remains to be seen.