Circle Co-Founder, Chairman, and CEO Jeremy Allaire testified about stablecoins, cryptocurrency, and digital assets before the House Financial Services Committee.
JEREMY ALLAIRE: The United States and the US dollar is winning the digital currency space race today. Dollar stablecoins are doing trillions of dollars of transactions. The experimental beta of a Chinese yuan, which is government controlled in China, has done $10 billion of transactions.
So the United States is winning. This has potential to grow at a very significant speed around the world and benefit the US dollar and benefit American businesses and households. And so I think that's one really, really critical thing to understand.
And I think the primacy of this infrastructure and the development of this infrastructure, it is a strategic national security and national economic priority for the United States, and we need to get going on it right now.