At the World Economic Forum in Davos, Circle CEO Jeremy Allaire expressed optimism about the U.S. government addressing stablecoin regulation by 2024. He highlighted the growing use of stablecoin assets and the need for significant regulatory steps in the near future.
Allaire discussed the Clarity for Payment Stablecoins Act, currently awaiting approval in the House of Representatives, and suggested it has a good chance of passing this year. Despite the absence of federal crypto laws, Allaire believes the U.S. is more likely to approve stablecoin laws as global markets make progress.
Allaire noted that dollar-based stablecoin projects are expanding worldwide, with other governments regulating dollar-based cryptocurrencies ahead of the U.S. He anticipates stablecoin legislation to be in place in nearly every major global financial market by 2024.
Regarding the impact of potential spot Bitcoin ETF products in the U.S. on USDC’s use case, Allaire stated that a growing market and increased participation would continue to drive demand for stablecoin projects, potentially accelerating USDC’s prospects.
Circle has confidentially filed for an IPO, with details on share quantity and pricing yet to be announced. The launch awaits SEC review and will depend on market conditions. Allaire emphasized Circle’s intention to be a trusted, transparent, and well-regulated company, with becoming a public entity as part of this goal, but declined to comment on any specific regulatory filings.