Circle CEO Urges U.S. to Lead in Digital Finance Through Stablecoins
Heath Tarbert, President of Circle Internet Financial (NYSE: CRCL), testified before the House Financial Services Committee on September 2, urging Congress to ensure that American laws and institutions remain central as financial infrastructure evolves into software-based systems driven by stablecoins and blockchain. He warned that without proactive regulation in the U.S., global financial influence could shift outside of America's control. Tarbert highlighted how dollar-backed stablecoins like USDC are helping maintain the dominance of the U.S. dollar, with 98% of stablecoin value denominated in USD. However, he noted a decline in the dollar’s share of foreign exchange reserves from over 70% in the late 1990s to 57.13% as of Q1 2026. He called for full implementation of the GENIUS Act by January 2027, which would establish a federal framework for stablecoins and close offshore loopholes.
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Topics: blockchain financial infrastructure stakeholder testimony U.S. dollar