Disparte called for relevant federal legislation around stablecoins to protect consumers and prevent investors from companies with fake USD.
Dante Disparte, the chief strategy officer and head of global policy of the second-largest stablecoin issuer Circle, has blasted crypto firms that create counterfeits of the U.S. dollar.Disparte said the several bank failures in the U.S. earlier this year drove investors into unsafe and opaque crypto assets overseas, showing the need for sound monetary policy in the United States.
“Candidly, should anyone anywhere be able to counterfeit U.S. dollar using cryptographic methods, or should there be a rule-set around competing with digital dollars on the internet where the safety and soundness and monetary policy of the United States is respected?” – he asked. Disparte’s remarks come as Circle’s USD Coin sees a slump in its market dominance. The stablecoin, once favored by institutions, was negatively affected by its exposure to the now-bankrupt Silicon Valley Bank and worldwide regulatory scrutiny on crypto assets.
USDC’s supply has declined by more than 50% since June 2022, from $56 billion to around $26 billion. This has also affected its market share, which has dwindled significantly within the same period, while Tether – the largest stablecoin by market cap – continues to gain dominance.While USDC’s numbers are declining, Circle has disclosed its intention to face international crypto markets with Asia as the focus.
Circle is closely observing the regulatory developments in Hong Kong as the city aims to establish itself as a significant center for digital markets and stablecoins.
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