Bank regulator, not SEC, should oversee stablecoins - Circle CEO Cryptocurrencies
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But the depegging and collapse of some algorithmic stablecoins, most notably TerraUSD, and doubts about the true reserves behind collateralized stablecoins have made these tokens a particular area of focus for regulators and central banks. Circle is the issuer of USD Coin , the second-largest stablecoin in the world with a market cap of over $42 billion. USDC is managed by a consortium called Centre, which was founded by Circle and includes the U.S.-based Coinbase exchange.
Allaire also said he supports a recent SEC proposal to require financial firms to use a “qualified custodian” for their customers’ crypto holdings. According to the SEC, a qualified custodian generally refers to a chartered bank or trust company, a broker-dealer registered with the SEC, or a futures commission merchant registered with the Commodity Futures Trading Commission .
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