Circle CEO announces doomsday scenario for the US dollar in warning to Congress

Jeremy Allaire claimed the US dollar was "under threat" and urged lawmakers to pass stablecoin regulations to "strengthen the confidence" in a digital dollar.< /p> News Join us on social networks

The US dollar's place as the world's reserve currency will be at risk if Congress doesn't quickly regulate stablecoins, Circle CEO warns.

On July 13, Jeremy Allaire appeared in a two-minute video from Circle, the issuer of USD Coin (USDC), aimed at lawmakers.

This comes as bipartisan legislation specific to digital assets was reintroduced in Congress on July 12, originally tabled over a year ago in June 2022.

“The strong position of the dollar is under threat. Competition for the use of money on the internet is increasing,” Allaire said in the video, highlighting the threat of foreign digital currencies.

What does a cup of coffee have to do with the future of the global economic system? As the US Congress prepares for its first vote on the Stablecoin laws, US political leaders have a choice to make regarding the competitiveness of the US and the dollar. A video for political leaders below. $USDC pic.twitter.com/9sQyZwq4WE

“The real question is whether global trade will be in digital dollars, euros or digital yuan,” he added. Allaire has already claimed China