Circle CEO urges US registration for dollar-pegged stablecoins

Circle co-founder and CEO Jeremy Allaire is advocating for mandatory U.S. registration for all issuers of dollar-backed stablecoins, regardless of their location.

Allaire's call for registration aligns with ongoing discussions in Washington regarding stablecoin oversight and comes as lawmakers introduce new legislation on digital assets.

Allaire stated that stablecoin issuers should not get a "free pass" to "ignore the U.S. law and go do whatever the hell you want wherever and sell into the United States."

He emphasised that whether a company is offshore or based in Hong Kong, it should register in the U.S. if it wants to offer its dollar stablecoin in the U.S.

These comments were made during a Bloomberg interview.

Senator Bill Hagerty introduced a bill to establish a regulatory regime for U.S.-backed stablecoins.

President Trump's administration also plans to regulate and bring stablecoins onshore.

David Sacks, President Trump’s Crypto Czar, believes stablecoins could "extend the dollar's dominance internationally."  

Circle's USDC is the second-largest stablecoin by market capitalisation.

Allaire's call for U.S. registration contrasts with Tether (CRYPTO:USDT), the largest stablecoin issuer, whose CEO, Paolo Ardoino, has accused competitors of trying to undermine USDT through regulatory maneuvers.

Ardoino stated that competitors' real intent is to "kill Tether."

Tether has faced growing regulatory challenges, including its exclusion from the list of firms approved to issue stablecoins under the European Union’s Markets in Crypto-Assets (MiCA) regulatory framework.

crypto exchanges like Kraken and Crypto.com have also delisted USDT to comply with MiCA regulations.