Speaking at the Binance Blockchain Week event in Dubai, Jeremy Allaire said that many countries are beginning to revise legislation in order to accelerate the development of stablecoins. The head of Circle noted that even legislators who previously opposed stablecoins or preferred to remain on the sidelines began to closely monitor the actions of other countries and are ready to develop rules to regulate this type of asset.
Allaire hopes that a dedicated regulatory framework will emerge for stablecoins in the coming year. The hope lies in the fact that the market for stable cryptocurrencies has already grown to $170 billion, with USDT and USDC accounting for the lion’s share. However, this is only a small part of the global financial market, so stablecoins have room to grow, Allaire noted.
The CEO of Circle is confident that in the near future, the majority of the world’s population will choose stablecoins to use, rather than digital currencies of central banks. He believes people prefer products produced privately rather than by the government.
As an example, Allaire cited the most populous country in the world, China. The People’s Bank of China (PBOC) launched the digital yuan several years ago, but the digital currency has never become widely used. Chinese citizens use the digital yuan only when the authorities give it away for free.
In June, Allaire suggested that stablecoins could become legal electronic money in 2025. Circle later received a license from the Electronic Money Institution (EMI) to allow stablecoin transactions under the EU Cryptocurrency Regulation Act (MiCA).
Source: Bits
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