On Tuesday, June 13, Circle Co-founder and Chief Executive Officer Jeremy Allaire will speak before the U.S. House of Representatives about how dollar digital currencies like Circle’s USDC make the U.S. dollar and the U.S. economy more competitive:
As a nation, we need to ensure that the dollar is the most competitive currency on the internet, and that there can be universal access to the safest and most secure digital dollars possible. The stakes are simply too high to ignore. Access to dollars is not only about America’s economic competitiveness and international stature, but also about deepening the role of the dollar as a store of value and reliable medium of exchange in a global economy powered by smart devices and software. Digital dollars should freely and widely circulate on the internet for all lawful uses. In order for that to happen, those digital dollars must be backed by the safest assets in the world. Full reserve money, backed by the highest quality liquid assets, and without embedded investment and lending risk, can provide the world with the safety and assurance needed to transact and exchange value without fears of bank runs or credit defaults.
Mr. Allaire has previously testified to Congress multiple times about the important role blockchain technology can play in advancing U.S. economic and national security interests. In fact, Mr. Allaire testified at the first Congressional hearing on blockchain technology 10 years ago, before the Senate Homeland Security Committee.
His appearance before the House Financial Services Committee comes as leaders in both parties are working together to pass urgently-needed payment stablecoin legislation, which would create a robust regulatory framework for payment stablecoins at the federal level. The title of Tuesday’s hearing is “The Future of Digital Assets: Providing Clarity for the Digital Asset Ecosystem.” You can watch Mr. Allaire’s testimony here.
Jeremy’s prepared remarks:
Chairman McHenry, Ranking Member Waters, and Members of the Committee, it is my honor to submit my testimony to you today.
My name is Jeremy Allaire, and I am the Co-Founder, Chairman and CEO of Circle, a leading global financial technology firm.
I come to the Committee having spent the past 30 years building important infrastructure on the internet. I have been both a principal in shaping technology development and a witness to the power of open networks, open software and competitive markets to transform how the world operates by building on the internet.
I co-founded Circle 10 years ago with the vision that digital currency could transform how value was exchanged, bringing to our global financial system many of the same benefits the internet has brought to software, media, communications and commerce. For Circle, the core of our day-to-day mission is expanding the role of the dollar on the internet. In pursuing that mission, we have embraced a regulatory-first path, becoming licensed and supervised by payments and banking supervisors in the US, Europe and Asia.
Five years ago our founding vision became a reality when we launched USD Coin, or USDC, one of the first regulated payment technologies for digital dollars on the internet. Now, several years later, USDC has grown to become one of the largest dollar-based digital currencies in the world and the largest US-domiciled and regulated dollar stablecoin. Circle has issued $333B USDC since inception, and has redeemed $305B. USDC powers thousands of applications that benefit from a blockchain-based digital dollar, and has handled over $10 trillion in transactions. USDC is also the most transparent payment stablecoin in the world, backed by 100% liquid dollar-denominated assets that are subject to monthly independent attestations by major public accounting firms and published on our website since launch.