April 17, 2023

Circle Executive to Testify on Stablecoins

Circle Executive to Testify at US House Committee Hearing on Stablecoins

We've learned that Circle CEO Jeremy Allaire is set to testify at a hearing of the United States House of Representatives Financial Services Committee on stablecoins. The hearing is scheduled to take place on September 24th.

The purpose of the hearing is to gather information from industry leaders about the potential implications and risks associated with the growing trend of stablecoin-based payments and financial infrastructure. Allaire will provide an overview of existing stablecoin technology, highlight Circle's achievements in this space, and explain how these new payment systems can benefit both consumers and businesses.

Circle, a venture-backed fintech firm specializing in cryptocurrency services, recently released its own USDC stablecoin in partnership with Coinbase. This coin has seen considerable success since its launch and has become one of the most popular stablecoins available today.

In addition to Allaire, other industry experts are also set to appear at the hearing. These include representatives from Coinbase, Ripple, and Paxos. Each will have an opportunity to discuss their respective projects and provide their perspectives on how the current trends in stablecoins could shape the future of digital payments.

"Stablecoins have gained significant attention and traction over the past year," said Allaire. "At this important moment for our industry I am looking forward to discussing with Congress some best practices for consumer protection and responsible innovation that can enable further growth in this new digital asset class."

The hearing marks yet another milestone for the cryptocurrency world as it moves closer towards mainstream adoption. With support from Congress, we could see more innovative projects come out of this space in the near future.

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