Claim $500Circle CEO Jeremy Allaire: USDC Already Has Competitive Edge
Crypto Market News: Following the recent liquidity issues out of the Silicon Valley Bank collapse, Circle, the company behind stablecoin USDC, is even more optimistic about the company’s prospects in near future. Amid the U.S. regional banking crisis in March 2023, Circle faced massive redemptions over fear and uncertainty around the company’s reserves in the Silicon Valley Bank. However, the company was quick to initiate transfer of its SVB funds to Bank of New York Mellon. In this context, Jeremy Allaire, the company’s chief executive officer, feels Circle will have a competitive advantage as and when clear regulatory framework comes into force in the United States.
Also Read: Binance US To Remove Hundreds Of Trading Pairs; Halts OTC Trading
Meanwhile, US lawmakers are pushing for clear stance on which cryptocurrencies to categorize as securities versus commodities through a draft proposal. Overall, the crypto market ecosystem in the United States looks to be a negative environment until there are clear laws.
USDC To Have Competitive Advantage?
As has been seen in the back to back lawsuits against Binance and Coinbase, it is argued that US regulators like the Securities and Exchanges Commission (SEC) is biased against non-US based crypto businesses. Hence, it has long been speculated that USDC would be favored by the U.S. government over the top stablecoin Tether (USDT). Also, Allaire maintained that Circle’s compliance of financial regulations will eventually give USDC an advantage over its rivals. Speaking about the stablecoin bill recently proposed in the U.S. House of Representatives, the Circle CEO said,
“With a bill like this we’ll end up doing more business with banks than we currently do.”
Allaire said the stablecoin would actually compete with US banks as the banks will not be licensed to operate in the digital assets industry.
Also Read: US SEC Floats New Rules for Securities Based Swaps, Here’s What it Means for Crypto
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- BOJ Rate Hike Backfires: Yen Crashes, Bitcoin Price Rally Uncertain
- Canary Capital Announces Major Changes to Its SUI ETF
- Michael Saylor’s “Green Dots” Message Hints At Fresh Bitcoin Buying As BTC Faces $90K Wall
- Fed’s Hammack Signals No Rush to Cut Rates as January Hold Odds Near 80%
- XRP ETFs Reach $1.21B as Asset Managers See a ‘Third Path’ Beyond Bitcoin
- Will Solana Price Hit $150 as Mangocueticals Partners With Cube Group on $100M SOL Treasury?
- SUI Price Forecast After Bitwise Filed for SUI ETF With U.S. SEC – Is $3 Next?
- Bitcoin Price Alarming Pattern Points to a Dip to $80k as $2.7b Options Expires Today
- Dogecoin Price Prediction Points to $0.20 Rebound as Coinbase Launches Regulated DOGE Futures
- Pi Coin Price Prediction as Expert Warns Bitcoin May Hit $70k After BoJ Rate Hike
- Cardano Price Outlook: Will the NIGHT Token Demand Surge Trigger a Rebound?
