Recently, as Tether’s long -time CFO, its chairman, Giancarlo Devasini, stepped in a low profile in the modest Swiss city of Lugano, according to the article by Angus Berwick.
Circle -founder Jeremy Allaire, meanwhile, is pleasant to rub shoulders with politicians and Wall Street leaders, Berwick continued.
The conflict is as much about ideology as it is about business, Berwick writes. Tether embraces Cryptos FreeWheeling –etos, while Circle presses on for mainstream acceptance through regulation. “Circle does not win if Tether lives,” Devasini said months ago.
The result of this match will shape the future of stableecoins. If regulators succeed in paralleling Tether, Circle’s USDC could gain market share and bring stablecoins further into the traditional financial system.
If Tether survives and it has shown elasticity in the past after navigating concerns about its commercial paper reserves, it will strengthen Crypto’s ability to operate outside centralized influence. Either way, the effort is high as crypto businesses are fighting for dominance in an industry worth trillion
What is the latest?
Legislators have introduced three different bills targeting stableecoin regulation, including the Senate’s Genius Law, Parliament’s stable action (introduced by Republicans) and the Bill Prosecutor Maxine Maxine Waters and former representative Patrick Mchenry evolved over the past few years.
Each of these bills would introduce certain reserve and reporting requirements for stablecoin issuers, and a JP Morgan Analysis suggests that Tether may need to adjust its reserves to comply with these bills if they are allowed. However, each bill is still in an early stage of legislative efforts, and it is unclear how long it can take for any of them to be adopted through parliament, the Senate and signed by the president.
Allaire believes digital currency is a “technology superpower dollar”
According to Allaire, digital currency is a “technology superpower dollar” that will have deep consequences for the United States and small businesses, he said in an interview about Fox’s “Morning with Maria” Tuesday.
“We are in a competitive race with China, we are trying to find out which financial system will win, which currency system is winning. This is a technology -superpower dollar that expands the role of the United States worldwide. “
At the same time, it can eliminate costs spent on credit card companies or to send transfers abroad, making the impact of a digital currency much wider than just becoming the world’s financial superpower.
“There’s a real way to put money back in households and small corporate pockets.”
Allaire called USDC “America’s First Digital Dollar” as it is supported by the US dollar in the form of Treasury bills, repo and cash and has been around and grown for over six years. He said USDC is strengthening trillions of dollars in transactions, including over $ 1 trillion a month and has seen 100% growth in the last 12 months.
