Circle CEO Jeremy Allaire: USDC Already Has Competitive Edge

Published by
Circle 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.

Advertisement

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

Share
Anvesh Reddy

Anvesh reports major crypto updates around U.S. regulation and market moving trends. Published over 1400 articles so far on crypto and blockchain. A proud dropout of University of Massachusetts, Lowell. Can be reached at anvesh@coingape.com or x.com/BitcoinReddy or linkedin.com/in/anveshreddybtc/

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and 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.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • 24/7 Cryptocurrency News

Senate Banking Committee Releases Updated Draft Crypto Market Structure Bill

The U.S. Senate Banking Committee has released an updated version of the draft Crypto Market…

September 6, 2025
  • 24/7 Cryptocurrency News

Michael Saylor’s Strategy Fails To Make S&P 500 Listing, MSTR Stock Drops

Strategy, led by Executive Chairman Michael Saylor, has been left out of the latest S&P…

September 6, 2025
  • 24/7 Cryptocurrency News

Solana Treasury Company SOL Strategies Gets Approval To List On Nasdaq

SOL Strategies Inc. has received approval to be listed on the Nasdaq Global Select Market.…

September 6, 2025
  • 24/7 Cryptocurrency News

Fidelity, Grayscale, VanEck Dump Ethereum Amid ETH Price Crash

Ethereum (ETH) price fell sharply as Fidelity, Grayscale, and VanEck drove heavy ETF outflows, but…

September 6, 2025
  • 24/7 Cryptocurrency News

Ethereum Treasury Firm SharpLink Confirms Compliance Amid Nasdaq Oversight

SharpLink has reaffirmed its full compliance with Nasdaq rules, dismissing speculation about shareholder approval requirements.…

September 5, 2025
  • 24/7 Cryptocurrency News

Trump Media Acquires 684M CRO for Cronos Treasury, Strikes Deal with Crypto.com

A deal with Crypto.com has led to the establishment of a Cronos Treasury by the…

September 5, 2025