- Circle CEO Jeremy Allaire blames politicians for the financial crisis
- But believes the U.S. still has a chance to maintain its lead
Circle CEO Jeremy Allaire gave a new interview to Bloomberg reporters. He stated that investors are more actively seeking to “eliminate risks from the U.S.”
And there are good reasons for that – business is concerned about the banking problems and the tough policy of regulators.
All of this led to a drop in the market capitalization of the USD Coin Stablecoin.
Remind that during the recent bank panic, the USDC temporarily lost its peg to the dollar, but quickly regained parity.
However, the overall market capitalization of the asset continues to fall.
It now stands at $30.7 billion. Moreover, last year USD Coin reached its peak capitalization.
At that time, the asset was valued at $56 billion and almost caught up with its main competitor – the stabelcoin USDT.
Nevertheless, USD Coin retains its status as the second largest token in the stabelcoin sector. It is backed by cash and short-term U.S. Treasury bonds.
Aller says this is an important moment for the authorities. They should step up their efforts and create regulation of the crypto-sector. It will allow America to keep up with competing countries.
“This is a critical moment here in the U.S., and as I like to say, it is a moment of truth for Congress to step up.
Questions are now being raised about the competitiveness of the U.S. dollar amid the evolution of blockchain technology and Internet currencies.”
The Circle said yesterday that 2023 will be “the year of the cryptocurrency breakthrough.”