Recently, resigned as a long -standing financial director of Tether and now its president, Giancarlo Devasini keeps a low profile in the modest Swiss city of Lugano, according to the article by Angus Berwick.
The founder of Circle, Jeremy Allaire, during this time, is comfortable rubbing his shoulders with politicians and managers of Wall Street, continued Berwick.
The conflict concerns the ideology as well as on business, writes Berwick. Tether embraces ethics in freewheeling of Crypto, while Circle pushes traditional acceptance through regulations. “Circle will not win if Tether is alive,” said Devasini months ago.
The result of this battle will shape the future of stablecoins. If the regulators succeed in extending the attachment, the Circle USDC could gain market share and bring the floors of the floors to the traditional financial system.
If the attachment survives and has shown resilience in the past after sailing on concerns surrounding its commercial paper, it will strengthen crypto capacity to operate outside the centralized influence. Be that as it may, the issues are high while cryptographic companies are fighting for domination in an industry worth billions
What is the last?
The legislators have presented three different bills targeting the regulation of stablescoin, in particular the Senate engineering law, the stable law of the Chamber (presented by the Republicans) and the member of the Maxine Waters bill and the former representative Patrick Mchenry in recent years.
Each of these bills would impose certain reserve and declaration requirements on Stablecoin issuers, and a JP Morgan analysis suggests that TETHE may need to adjust its reserves to comply with these bills, if they become the law. However, each bill is still in an early phase of the legislative effort, and it is not known how long it could take to one of them to be transmitted by the Chamber, the Senate and signed by the President.
Allaire thinks that digital currency is a “dollar of technological superpower”
According to Allaire, digital currency is a “dollar of technological superpower” which will have deep implications for the United States and small businesses, he said in an interview on “Mornings with Maria” in Fox.
“We are in a competitive race with China, we try to find which economy system will win, what a currency system will win. It is a dollar of technological superpower that widens the role of the United States in the world. »»
At the same time, it can eliminate the costs spent for costs from credit card companies or to send funds abroad, which makes the impact of a digital currency much wider than becoming global economic superpower.
“There is also a real way to put money in the pockets of households and small businesses.”
Allaire described the USDC as a “first digital dollar in America” since it is supported by the US dollar in the form of cash, benchmarks and cash, and has been there and has been developing for more than six years. He said the USDC fueled billions of dollars in transactions, including more than 1 dollars per month and has grown 100% in the last 12 months.
