Circle Co-Founder Advocates for US Registration of Dollar-Backed Stablecoin Issuers
Jeremy Allaire, co-founder of Circle, advocates for US registration of companies issuing US dollar-backed cryptocurrencies. He argues against allowing these issuers to circumvent US regulations by operating from abroad while targeting US consumers.
- Allaire emphasizes the need for regulation to protect consumers and ensure financial integrity.
- He asserts all stablecoin issuers should register in the US if they offer products within the country.
Discussions around stablecoins are intensifying, with expectations of new regulatory frameworks from the government. Senator Bill Hagerty has proposed legislation aimed at establishing clearer regulations for stablecoins.
Tether CEO's Remarks
Tether CEO Paolo Ardoino criticized competitors for allegedly attempting to manipulate US regulations to undermine Tether. He stated that their focus should be on improving their offerings rather than attacking Tether.
Circle's Global Compliance Efforts
Circle announced that its stablecoins, USDC and EURC, have received approval from the Dubai Financial Services Authority (DFSA) as recognized tokens. This designation allows their use in various digital asset applications within the Dubai International Financial Centre (DIFC).
- Circle claims to be the only major stablecoin issuer compliant with EU and Canadian regulations.
- USDC's circulation grew by 78%, surpassing other stablecoins.
- Total transaction volume for USDC exceeded $20 trillion, with $1 trillion processed in November 2024 alone.
- USDC is accessible to over 500 million users through digital wallets and consumer apps.
- Circle introduced Modular Wallets for Arbitrum and Polygon PoS, enhancing developer control and user experience.