Financial technology executives plan to promote dollar-backed stablecoins at a congressional hearing on Tuesday as a way to reduce transaction costs for American consumers and businesses. With increasing political momentum, the push for legislative regulation is growing to expand the use of tokens. Charles Cascarilla, CEO of Paxos Inc., stated in his pre-released testimony, "Blockchain-based dollars can be transferred instantly, at almost no cost, and anyone with an internet connection and a smartphone can hold them."

Financial technology executives plan to promote dollar-backed stablecoins as a way to lower transaction costs for US consumers and businesses at a key congressional hearing on Tuesday as political momentum builds for regulatory legislation to expand use of the tokens.“A blockchain-based dollar can be transferred instantaneously, at virtually no cost, and held by anyone with simply an internet connection and smartphone,” Charles Cascarilla, chief executive officer of stablecoin issuer Paxos Inc., said in prepared testimony released in advance.

Financial technology executives advocate for stablecoin legislation to reduce transaction costs.