Circle, a digital payment company, is urging the United States government to enact stablecoin regulations. Chief Strategy Officer and Head of Global Policy, Dante Disparte, is scheduled to present this request to Congress on April 19, 2023. USDC, Circle's distinct stablecoin, is already accepted as an effective dollar settlement option by notable firms such as Visa and MoneyGram, demonstrating its backing of the dollar. The current figure of USDC in circulation has hit over $132 billion thanks to its early adoption as a reference currency for digital assets.

Circle has also placed its efforts into compliance with regulation, earning a comprehensive license as a money transmission company in 48 states and the first Bitlicense from the New York State Department of Financial Services. This proactive adherence to existing standards creates the trust needed for companies to establish roots in the United States. As a result, Disparte is pressing the need for the US government to take the lead and map out what is and is not considered as a payment stablecoin system. Otherwise, a fake "stable-in-name-only" coin could undermine the federal regulatory vacuum.

Overall, Disparte is advocating legislation that has consumer protection, responsible innovation, and economic growth. He foresees the potential of USDC to be a groundbreaking marker of success in payments, and is striving to bring this wave of innovation in a secure and regulated way. With Circle's efforts folding in with others, there is great hope that legislation can be developed to ensure a stable, reliable and secure financial landscape with help of digital currencies.



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