Circle sees a threat to the dollar — a warning to Congress

The US dollar as the world's reserve currency may be under threat. This will happen if Congress fails to pass a law on stable coins. This statement was made by the Head of Circle Jeremy Allaire.

Details of the SEO Circle Statement

The strong position of the US currency is now under threat. At the moment, there is an increase in competition among the options of funds that will be used on the network.

The head of the company believes that in order to maintain the dollar's position in the world, it is necessary to regulate stablecoins. However, the real problem is whether global trade can be conducted with digital fiat.

The expert also gave arguments why it is necessary to start regulating stable coins. He believes that cryptocurrency can fundamentally change the principles of paying people for various goods.

The opinion of the expert was supported by the head of Galaxy Digital. Yesterday, he published a question for subscribers about what choice they would make: use a stable coin that is backed by US government securities, where there is an interest rate of up to 5%, or use a deposit in a bank similar to a hedge fund and making payments of up to 2%. He also noted that the answer in this case is obvious. Therefore, he hopes that American lawmakers will be able to support the development of regulation of stable coins, and not fight them.

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