Follow stablecoin news, issuer updates, market share changes, regulation, reserve transparency, and payment adoption trends.
Lawmakers said they want to support stablecoins as a recognized payment method - however, the committee hearing highlighted a huge gap in lawmakers' understanding of the technology.
Samuel Wan 3 min read 
Tether CTO Paolo Ardoino said Bitcoin "is the epitome of a sound and secure monetary system" due to its scarcity and decentralization.
If the bill is passed, fiat-backed stablecoins like Tether's USDT could be used within the state to make bill bonds payment.
CEO Jeremy Allaire said that this protects Circle against a U.S. debt default.
Former SEC official John Reed Stark said Tether has no legal framework guiding its operations in the United States.
Tether reported a net profit of $1.48 billion, adding that its excess reserves reached an all-time high of $2.44 billion.
USDC can now be quickly transferred between Avalanche and Ethereum.
Circle CEO Jeremy Allaire said the Digital dollar could strengthen the U.S.'s ability to face the rising global competitive threats.
Tether's USDT has had a largely positive 2023, with its market cap rising 6.18% in the past month to $81.4 billion.
