Now is the time to get US stablecoin legislation right

The internet is the future of finance, and stablecoins are already changing the way we do business around the world. But as the digital economy continues to move faster, lack of stablecoin legislation in the US risks holding back financial innovation. As the issuer of USDC, a dollar-backed stablecoin built in the United States, we're leading with standards we think other stablecoins should follow, like listing our reserves on our website, openly, where anyone can see them. 

Europe has already moved forward by enacting some of the most comprehensive stablecoin laws in the world. As a regulatory-first company, we are issuing our digital dollar and euro stablecoin products in compliance with the European Union's landmark Markets in Crypto-Assets (MiCA) regulatory framework.  As home to the world’s largest economy, it’s critical that the US acts to implement stablecoin legislation to reassert itself as a leader in the global financial system. 

We’re already seeing in jurisdictions with digital asset legislation, because it can provide a secure foundation for the digital economy, while encouraging innovation and adoption.

We can all move faster and go farther when the rules of finance are clearly defined and built on a foundation of trust. Our Chief Legal Officer and Head of Corporate Affairs, and former Chairman and Chief Executive of the CFTC, Heath Tarbert, lays out why “now” is the time to get this right.