Circle Advocates for Stablecoin Legislation in the U.S.

The Call for Stablecoin Legislation

Circle's Chief Strategy Officer, Dante Disparte, is urging the U.S. Congress to establish comprehensive payment stablecoin legislation. This request is part of a speech he plans to present, emphasizing the need for regulatory frameworks that protect consumers, encourage innovation, and promote economic growth.

Stablecoins and Economic Integration

Disparte highlights the growing acceptance of Circle's stablecoin, USDC, as a reliable dollar settlement option among major financial firms. This acceptance challenges the notion that stablecoins disrupt traditional financial systems. With over $132 billion in stablecoins referencing the dollar, the stability and widespread adoption of the dollar in digital asset markets are underscored.

Commitment to Regulatory Standards

Circle's adherence to macroprudential risk standards and transparency has fostered trust and increased enterprise adoption. The company complies with existing U.S. regulatory standards, enabling it to scale effectively across the country. Circle holds a comprehensive state-supervised money transmission license and was the first to receive a Bitlicense from the New York State Department of Financial Services.

Urgent Legislative Action Needed

Disparte warns that without clear national regulations, the system risks exposure to unstable coins like Terra-Luna, which could exploit regulatory gaps. He advocates for the U.S. to lead in defining payment stablecoins to prevent potential financial instabilities.

By pushing for stablecoin legislation, Circle aims to ensure a secure and innovative financial environment, reinforcing the role of stablecoins in the U.S. economic landscape.