Circle CEO Proposes Stablecoin Bill to Boost US Dollar Competitiveness in Congress
Circle CEO Jeremy Allaire has urged the U.S. Congress to use the stablecoin bill as an opportunity to strengthen the USD's competitiveness and safety. Allaire noted that an earlier draft of the stablecoin bill included provisions that would support ongoing research into potential upgrades to core central bank infrastructure, which could enhance the resilience of the US dollar. Allaire stated that a dollar safety and competitiveness act is essential at a time when the world is questioning the strength of the creditworthiness of the U.S., and there are rising threats of de-dollarization. Various countries have stepped away from using the USD in trade settlements and are ramping up their de-dollarization efforts.