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Circle CEO and co-founder Jeremy Allaire is calling for all companies issuing dollar-backed stablecoins to register in the US, arguing that compliance should not be optional for companies operating in the US market.
Circle CEO Jeremy Allaire Pushes for US Registration of Dollar-Backed Stablecoins
Circle is the issuer of USDC, the second-largest dollar-pegged stablecoin by market cap behind Tether’s USDT. With a total market cap of $232 billion, the stablecoin industry plays a critical role in cryptocurrency trading and international money transfers.
Stablecoins have been a major focus of U.S. policymakers in recent months. In January, President Donald Trump issued an executive order pushing for a clearer crypto regulatory framework.
In February, Senator Bill Hagerty (R-TN) introduced a stablecoin oversight bill that aims to establish regulatory standards for US dollar-backed stablecoins.
Allaire believes that offshore companies offering dollar-backed stablecoins should be subject to the same regulatory standards as U.S.-based firms. “Whether you’re an offshore company or based in Hong Kong, if you want to offer your dollar stablecoin in the U.S., you have to register in the U.S. just like we have to register everywhere else,” he said.
These views were echoed by Circle’s Chief Strategy Officer Dante Disparte, who told CoinDesk that stablecoin issuers must compete on a level playing field under U.S. regulatory oversight.
*This is not investment advice.