Recently dropped as Tether’s longtime CFO and now its chairman, Giancarlo Devasini maintains a low profile in the Moderate Swiss town of Lugano, According to Angus Berwick’s article.
Meanwhile, the founder of the circle Jeremy Allaire, comfortably washing their shoulders with Wall Street politicians and executives, Berwick continued.
The conflict is about ideology because it’s about business, Berwick wrote. Tether embraced the freewheeling ethos of the crypto, while the circle was pushing for the mainstream reception through regulation. “The Circle will not win if Tether is alive,” Devasini said months ago.
The outcome of this battle will shape the future of stablecoins. If regulators succeed in tethering tether, the USDC of the Circle can get market sharing and bring stablecoins to the traditional financial system.
If Tether survived, and it showed a steadyness in the past after navigating concerns surrounding its commercial paper reservesIt will strengthen the crypto’s ability to operate outside of centralized influence. Either way, the stakes are high as crypto companies fight for dominance in a trillion -worth industry
What is the latest?
Lawmakers have introduced three different bills that target Stablecoin regulation, including the Senate’s Genius Act, the stable gesture of the house (introduced by the Republicans) and the bill member Maxine Waters and former representative Patrick Mchenry has developed in recent years.
Each of these bills will impose certain reserve requirements and reports to Stablecoin issues, and a review of JP Morgan suggests Tether may need to fix its reserves To comply with these bills, if they become law. However, each bill is still in an early stage of legislative efforts, and it is unclear how long it can be done for any of them to be passed in the Chamber, Senate and signed by the President.
Allaire believes that digital currency is a “technology superpower dollar”
According to Allaire, digital currency is a “technology superpower dollars” that will have deep implications for the United States and small businesses, he told a interview In Fox’s “Mornings with Maria” on Tuesday.
“We are in a competitive race with China, we are trying to find what economic system will win, what money system will win. This is a dollar technology superpower that expands the role of the United States worldwide.”
At the same time, it can eliminate costs spent on fees to credit card companies or to send foreign remittances, making a digital currency impact than being superpower of economics around the world.
“There is a real way to bring back money to households’ and small pockets of businesses.”
Allaire called the USDC the “first digital dollar” of America provided that it was supported by the US dollar in the form of treasury, repo and cash bills, and was around and growing for more than six years. He said the USDC powers trillion dollars in transactions, including over $ 1 trillion a month and found 100% growth over the last 12 months.
