Corey Then, vice president of global policy at Circle, said he is optimistic that, while the review is still ongoing, regulatory developments in the U.S. will ultimately benefit local players.
The draft stablecoin bill recently released by the U.S. House of Representatives Financial Services Committee requires stablecoin issuers to maintain 1:1 reserves to back their stablecoins.
The bill could also open the door for stablecoin issuers to hold a portion of their reserves at the U.S. central bank, effectively reducing their exposure to commercial banks, a major development that promises to create the most reliable stablecoin in the world.