Jeremy Allaire insists that stablecoin issuers operating in the US should be officially registered to ensure compliance and financial integrity.
By Temitope Olatunji
Edited by Julia Sakovich
Updated
3 mins read
The co-founder of Circle Jeremy Allaire has called for companies issuing US dollar-backed cryptocurrencies to be officially registered in the United States.
Allaire argued that stablecoin issuers should not be allowed to bypass US laws by operating from other countries while still selling their products in the US. He believes there should be regulations in place to ensure compliance rather than allowing companies to avoid oversight.
Stablecoins have become a major topic of discussion in the crypto market. There are expectations that President Donald Trump will create a new regulatory framework to address their use cases. Senator Bill Hagerty, a Republican from Tennessee, recently proposed legislation to establish a regulatory framework for stablecoins.
Allaire noted that it is about protecting customers as well as ensuring financial integrity. He believes that regardless of where a company is based, it should be required to register in the US if it plans to offer US dollar-backed stablecoins, just as US firms must comply with regulations in other countries. He said:
“This is about consumer protection and financial integrity. Whether you are an offshore company or based in Hong Kong, if you want to offer your US dollar stablecoin in the US, you should need to register in the US just like we have to go register everywhere else.”
Tether CEO Paolo Ardoino responded on Tuesday to discussions on X about major crypto firms allegedly trying to sway US regulations to their advantage. He suggested that rather than improving their offerings and expanding, their true aim is to undermine Tether. He said:
“While our competitors business model should be to build a better product and even bigger distribution network, their real intent is “Kill Tether”. Every single business or political meeting that they have culminates with this intent.”
On February 24, Circle announced via its blog that the Dubai Financial Services Authority (DFSA) has approved Circle’s stablecoins, USDC and EURC, as recognized tokens under its crypto regulations. This makes them the first stablecoins to receive such approval.
Moreover, the approval will create room for companies in the Dubai International Financial Centre (DIFC) to use these stablecoins for digital asset applications, including payments, treasury management, and other services. Circle noted that it is the only major global stablecoin issuer compliant with both EU (MiCA) regulations and Canada’s new listing rules.
Circle recently released its 2025 State of the USDC Economy Report. The team revealed that USDC’s circulation grew by 78%, surpassing other major stablecoins. Also, the stablecoin’s total transaction volume exceeded $20 trillion, with $1 trillion processed in November 2024 alone.
The stablecoin is now accessible to more than 500 million end-users through digital wallets and consumer apps. Circle has also introduced Modular Wallets for Arbitrum and Polygon PoS, providing developers with greater control over their applications. This flexible system supports customization, including secure key management, fast data access, and passkey integration for seamless user experiences.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Temitope is a writer with more than four years of experience writing across various niches. He has a special interest in the fintech and blockchain spaces and enjoy writing articles in those areas. He holds bachelor's and master's degrees in linguistics. When not writing, he trades forex and plays video games.
