Circle CEO Predicts U.S. Leadership in Stablecoin Regulation

Jeremy Allaire, founder and CEO of Circle, has expressed optimism about the prospects for global stablecoin regulation in 2024, predicting that the United States will take the lead.

The head of the USDC issuer believes that as part of broader cryptocurrency regulations, U.S. authorities will propose investor protection standards for the stablecoin sector.

Allaire opines that recent major bankruptcies in the industry, the collapse of FTX, and regulatory actions against Binance will not deter this progress.

He noted that his company is particularly focused on implementing blockchain-related innovations. Circle views the current industry situation as akin to the early stages of the tech boom in the 1990s, according to the company’s leader.

Regarding the firm’s IPO application, Allaire stated he is unable to comment due to regulatory obligations. CNBC journalists questioned whether the filing with the SEC was a response to the approval of spot Bitcoin ETFs.

At the time of writing, USDC’s market capitalization stands at approximately $25.5 billion. The coin significantly trails the market leader USDT, with a market share of 19.45% compared to 72.5%. However, Circle’s asset far surpasses DAI, which holds a 3.97% share.

Earlier, former CFTC chairman and Circle’s chief legal officer Heath Tarbert described the stablecoin bill as vital for the U.S. financial system.