According to the Circle CEO, the US must take advantage of the increased requirement for native dollars online, particularly from the ones in developing nations with shaky local banking infrastructure.
According to Jeremy Allaire, the chairman of stablecoin issuer Circle CEO, the US must enact stablecoin laws and make the United States dollar digital to counteract the highly active process of de-dollarization globally at the moment.
Warning Issued By Circle CEO Regarding The Fast Dollarization
Taking into consideration the current U.S. crisis regarding banking, Allaire delivered his remarks at the 2023 Consensus meeting on 26th April. The Circle CEO, the issuer of stablecoin behind USD currency USDC $1.00, urged the Fed Reserve as well as the Congress to act since failure will result in the power of the dollar being further eroded by other currencies and payment systems. Circle CEO further added that the process was happening and it is constantly accelerating.
Allaire claimed that for the currency USD to stay safe as well as competitive in the era of the internet, the US must swiftly draft stablecoin laws, along with the Federal Government must integrate the digital currency into its system’s core to take advantage of the strong demand everywhere: It would have been a highly missed opportunity for the United States if the government doesn’t manage to pull their mess together, Allaire emphasized.
The plea for taking responsibility comes as Reuters reports that in March, across-the-border transactions initially in China saw the Chinese yuan surpass the dollar.
With the recent launch of USDC on the Transfer Protocol that happens in a Cross-Chain manner, Circle CEO has brought some authority under its umbrella. Since the company started issuing and minting USDC around the year 2017, Allaire claimed that the new clarification is perhaps a highly significant new slice of infrastructure blockchain.