Jeremy Allaire, CEO of stablecoin issuer Circle, said the stablecoin law will be enforced and the U.S. It says it needs to be digitized.
Allaire’s comments at the Consensus 2023 conference on April 26 were made in light of the recent US banking crisis.
The CEO of Circle, the stablecoin issuer behind USD Coin (USDC), has called on Congress and the Federal Reserve to take action or else alternative currencies and payment systems will dominate the dollar. He said he would continue to erode sex.
“We are de-dollarizing very aggressively. shows a serious reaction to [and] Desire for alternative payment systems around the world. ”
“This is happening and accelerating,” he added.
For the U.S. dollar to remain “competitive” and “safe” in the internet age, Alea said the U.S. urgently needed to develop a stablecoin law and that the Federal Reserve would consider the digital dollar a “core system.” ” and take advantage of the high price. Worldwide demand:
“The demand for a digital dollar like USDC is very global. We see that demand all over the world. increase. […] As an efficient medium of exchange for various types of international transactions. ”
If you want your dollar to be safer and more competitive, you need to do two things:
– Power as a native data type on the Internet that can be used and integrated openly
– Eliminates bank lending IOU risk underlying e-money and separates payment tokens… https://t.co/DThvu8Dt25— Jeremy Allaire (@jerallaire) April 26, 2023
Allaire stressed that this would be a “huge opportunity loss” for the country if the US government did not get its action together.
Related: US Bank Collapse — Is Crypto Being Targeted?
When the Chinese yuan outperformed the dollar in China’s cross-border transactions for the first time in March, there were calls for action. according to to Reuters.
For the first time in history, the Chinese yuan has overtaken the US dollar as the most used currency for cross-border transactions in China.
The original share rose from nearly zero in 2010 to a record high of 48%.
The US share fell to 47%, down from 83% over the same period.
oh. pic.twitter.com/Lm3Rygpm45
— Genevieve Roch-Decter, CFA (@GRDecter) April 26, 2023
Circle recently launched USDC on the Cross-Chain Transfer Protocol, taking responsibility into their own hands.
Allaire said the new solution is “the most significant new piece of blockchain infrastructure” since the company began issuing and issuing USDC in 2017.
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