Circle CEO Jeremy Allaire: US Dollar’s Future in Stablecoins
The CEO of Circle, a company that makes stablecoins, is asking the U.S. to keep the dollar competitive by setting clear rules for stablecoins.
Jeremy Allaire said at the latest meeting on stablecoin legislation by the U.S. House Financial Services Committee that the stakes are too high to ignore and that the US must make sure the dollar is the most competitive fiat currency on the internet.
“As a nation, therefore, we need to ensure that the dollar is the most competitive currency on the internet, and that there can be universal access to the safest and most secure digital dollars possible. The stakes are simply too high to ignore.”
The executive said that the dollar is an important military and economic tool for the US, and that as digital technologies get better, it should be easier to use.
“Access to dollars is not only about America’s economic competitiveness and international stature, but also about deepening the role of the dollar as a store of value and reliable medium of exchange in a global economy powered by smart devices and software. Digital dollars should freely and widely circulate on the internet for all lawful uses.”
Allaire says that getting a stablecoin bill signed into law should be a top priority because it would give the US dollar a safe way to stay competitive in a world that is becoming more and more digital.
“The stablecoin bill is a crucial piece of legislation that should be the first step in creating a regulatory framework that builds the conditions for a vibrant and safe digital assets market. It would also have significant ramifications that go far beyond the digital assets market to the global role of the US dollar. The stablecoin bill would enable dollar access, safety and competitiveness in the digital currency age.
I appreciate the substantial work that has gone into drafting this law, and the genuine bi-partisan effort to reach common ground and pass sensible legislation that addresses the most pressing issues. Delivering a bill to President Biden’s desk should be a national priority.”
