Speaking on CNBC’s Squawk Box on Dec. 7, Allaire said “they will ultimately be supportive because this is an infrastructure change as big as the initial commercial internet. That said, Allaire noted that the administration is facing pressure to regulate cryptocurrencies and Bitcoin more aggressively, from both the left and the right.
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Democratic Rep. Rashida Tlaib believes stablecoins need aggressive regulation (Photo: House of Representatives)STABLE Act could destabilize stablecoins
Industry leaders say the proposed legislation would cripple innovation by subjecting the fiat-backed cryptocurrencies to traditional banking regulations
The Stablecoin Tethering and Bank Licensing Enforcement—or STABLE—Act seeks to “protect consumers from the risks posed by emerging digital payment instruments, such as Facebook’s Libra and other Stablecoins currently offered in the market, by regulating their issuance and related commercial activities,” its sponsors said.
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Visa teams up with USDC stablecoin
The payment processing giant will start collaborating with Circle to help credit card issuers integrate the USD Coin into their platforms to send and receive crypto payments.
Businesses will be able to send international USDC payments to any Visa-supported business. Still, before the funds can be spent they will need to be converted to fiat currency. USDC is back one to one with a U.S. dollar reserve, Circle says.
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Circle’s USDC stablecoin launches on the fourth blockchain with Solana partnership
Circle also announced that its USD Coin will also be involved in three more projects
Circle chairman and CEO Jeremy Allaire praised the Solana blockchain, saying "decentralized blockchain infrastructure is entering its 3rd generation with blockchains such as Solana, providing speed, efficiency and throughput that rivals most centralized financial market infrastructure."
