Circle CEO Jeremy Allaire said the U.S. Congress should not pass up the opportunity to use the stablecoin bill to make the dollar more competitive and safe.
In a Twitter thread on April 25, Allaire said that the early draft of the stablecoin bill includes provisions to strengthen the resilience of the U.S. dollar. According to him, a digital dollar could boost the U.S.’s ability to meet the growing threat of global competition.
“The early draft includes important provisions that support ongoing research into possible upgrades to central bank core infrastructure that will strengthen dollar resilience and complement private sector digital dollar innovation. It was done.”
He further pointed out:
“At a time when the threat of de-dollarization is mounting and the world is questioning the strength of U.S. creditworthiness, actions like these on dollar safety and competitiveness are essential.”
Former Circle CEO Said A new stablecoin bill could prove crucial to the future of the US dollar. He believes there needs to be “bipartisan support for laws that ensure that digital dollars on the internet are issued, backed and operated securely.”
The threat of de-dollarization grows
Several countries have stepped up efforts to de-dollarize, and many have stopped using the US dollar for trade settlements.For context, report Appeared The Chinese yuan replaced the US dollar as Russia’s most traded currency in February.
On the other hand, the BRICS countries (Brazil, Russia, India, China, South Africa) reportedly We are working on a new currency to reduce our dependence on the US dollar.
After the US imposed sanctions on Russia last year, countries around the world accused the West of weaponizing the dollar. Many of these countries have since adopted measures to help circumvent these sanctions.
April 17th speechEuropean Central Bank (ECB) President Christine Lagarde has warned that some countries are increasingly using alternative currencies to bill international trade.
Lagarde added that these changes suggest that the reserve currency status of the US dollar and euro “should no longer be taken for granted.”
Post US Congress Could Use Stablecoin Bill To Make Dollar More Competitive: Circle CEO First Appeared On CryptoSlate.