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CEOs told Congress that Stablecoins are empowering the U.S. dollar

CEOs told Congress that Stablecoins are empowering the U.S. dollar

Leading cryptocurrency CEOs discussed stablecoins in front of the U.S. Congress yesterday. Congress held a hearing on crypto-assets, hearing testimony from some of the industry's most prominent executives, according to Cryptobriefing.

The hearing was held by the U.S. House Financial Services Committee of the Congress. Chairman Maxine Waters led the hearing on "Digital Assets and the Future of Finance." During the congressional hearing, which was streamed on YouTube, executives from leading cryptocurrency companies testified. Among the witnesses were Circle CEO Jeremy Allaire, Bitfury CEO Brian Brooks, Paxos CEO Charles Cascarilla, Coinbase CFO Alesia Haas, FTX CEO Sam Bankman-Fried and Stellar CEO Denell Dixon. One of the widely discussed topics was stabelcoins, or tokens whose price is pegged to traditional currencies such as the U.S. dollar. The topic is relevant to several executives: Circle and Coinbase are responsible for the stablecoin USD Coin (USDC), and Paxos –s own dollar Paxos (USDP). Circle CEO Jeremy Allaire argued that stablecoins do no harm, but can contribute to the global dominance of the USD. Allaire argued that independent U.S. steblecoins would continue to dominate the crypto market even as competing alternatives, such as China's digital yuan issued by its central bank, enter the market. While dollar-stablecoins have conducted “trillions of dollars of transactions”, China's digital yuan has conducted “only $10 billion of transactions” so far, Allaire noted. He explained that the U.S. crypto industry wants the dollar to play a critical and strategic role, and therefore supports the U.S. Stablecoins should become “a national security priority” for regulators. Bitfury CEO and former OCS chairman Brian Brooks agreed with Allaire in his testimony. Brooks said that at a time when inflation is rising, stablecoins can help the U.S. dollar. Brooks supported stablecoins, arguing that their online nature would allow the dollar to “compete on features, not just history”.

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