Jeremy Allaire, CEO of Circle – the issuer of several stablecoins, including dollar-based USDC, has issued a public declaration demanding the US take the lead in regards to stablecoin regulation.
The statement via Twitter by Allaire follows the announcement that two US Senators have revamped and resubmitted comprehensive digital asset legislation that incorporates stablecoin rules.
Allaire states the time has come for the US to lead the development of global rules to determine how the dollar moves on the internet. Allaire positions stablecoins as being vital for the US dollar to continue its reign as the top reserve currency utilized around the world.
Currently, stablecoins are typically used as on/off ramps for digital asset services like trading. Circle has positioned its stablecoins as the new payment rails – faster, more reliable, and less costly transactions. In the video statement, Allaire draws a parallel with other recent innovations in technology. Payments and transactions by digital currencies will allow instant transactions for “pennies on the dollar” anywhere in the world.
The time has come for the United States to lead the development of global rules that will determine how the U.S. dollar moves on the internet. If the dollar is going to remain the world’s reserve currency, then we need to build trust in digital dollars & regulate stablecoins… pic.twitter.com/ZYOZ5X3nXg
— Circle (@circle) July 13, 2023
Does the US want dollars to be the currency of the internet? Or another currency (like the digital yuan). Clearly, Circle wants USDC to be the one digital currency to rule them all.
