cryptocurrencies

Stablecoin Issuer Circle Believes Stablecoins Will Become Mainstream Money

The Big Whale

— 1 min read
Stablecoin Issuer Circle Believes Stablecoins Will Become Mainstream Money
  • Circle, the issuer of the second-largest stablecoin USDC, believes stablecoins will become mainstream money.
  • Circle emphasizes the need for global harmonization of regulations for payment stablecoin issuers.
  • Circle plans to move its global headquarters to New York and calls for federal stablecoin rules in the US.
  • Circle supports the stablecoin bill advanced by the House Financial Services Committee.
  • Circle highlights compliance with the EU's MiCA regulatory framework for stablecoins.
  • The stablecoin market sees increasing competition with new entrants and record market caps.

Summary :
Circle, the issuer of the second-largest stablecoin USDC, believes that stablecoins will become mainstream money. Circle's chief strategy officer, Dante Disparte, expressed confidence in the adoption of stablecoins and highlighted the entry of internet payment firms and financial services companies into the space as a strong signal of their permanence. However, Disparte emphasized the need for global harmonization of regulations to ensure compliance for all stablecoin issuers. Circle is preparing to move its global headquarters to New York and has called for the enactment of federal stablecoin rules in the US to address the current regulatory uncertainty. Disparte stated that federal legislation is necessary to promote safe competition and protect American interests. He also mentioned the European Union's Markets in Crypto-Assets Regulation (MiCA) and its potential to fill gaps in the regulatory regime. The stablecoin market is witnessing increasing competition, with new entrants like PayPal's USD-pegged stablecoin and Ripple Labs' stablecoin. Tether remains the largest stablecoin with a market cap exceeding $118 billion. The market cap for stablecoins, excluding algorithmic ones, reached a record $168 billion on August 26. Circle invites competitors to join as regulation-first, compliant companies to foster the growth and longevity of the ecosystem.

Sources :

- CoinTelegraph

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