Former House Speaker Paul Ryan has urged lawmakers in Washington to consider developing a "robust and predictable regulatory framework for stablecoins" in the United States. In a recent opinion piece in The Wall Street Journal, Paul Ryan argued that one response lawmakers should consider in the face of growing U.S. debt is to embrace stablecoins to make those debts more attractive in international markets and avoid the possibility of a failed debt auction. If other countries succeed in strengthening the influence of their own currencies while selling Treasury bonds, then the United States needs to find new ways to increase the attractiveness of the dollar. Dollar-backed stablecoins are one answer.