The representatives of the crypto industry: stablecoins strengthen the US dollar position

The leading top executives from the crypto market spoke at a hearing in the US Congress

09.12.2021 - 12:45

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1 min

What’s new? The House of Representatives on Financial Services Committee in the US Congress held a hearing on “Digital Assets and the Future of Finance.” The meeting was attended by top executives of the cryptocurrency sphere and politicians. The hearing discussed, among other things, the impact of stablecoins on the US dollar.

The YouTube recording of the hearing

What did the representatives of the crypto industry say? Jeremy Allaire, the Circle CEO, which launched the stable USD Coin token, said that stablecoins contribute to the global spread of the dollar. According to him, they continue to dominate the market even after alternatives like the digital yuan have emerged.

Allaire explained that the US crypto industry wants the dollar to play a strategic role, so supporting stablecoins should be a “national security priority.”

The head of Circle also noted that stablecoins provide security for the currency. In his view, banks pose a greater risk to the economy than virtual currencies.

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