Recently he resigned as CFO of Tether and now its president, Giancarlo Devasini maintains a low profile in the modest Swiss city of Lugano, according to Angus Berwick’s article.
The founder of Circle, Jeremy Allaire, meanwhile, feels comfortable rubbing shoulders with politicians and executives of Wall Street, Berwick continued.
The conflict is both the ideology and business, Berwick writes. Tether encompasses the free spirit of the crypto, while Circle is pressing for conventional acceptance through regulation. “Circle won’t win if Tether is alive,” Devasini said months ago.
The result of this battle will shape the future of Stablecoins. If the regulators manage to put aside, the Circle USDC could gain market share and take Stablecoins to the traditional financial system.
If Tether survives, and has shown resilience in the past after navigating concerns about his commercial paper reserves, he will reinforce the crypto ability to operate outside the centralized influence. Anyway, bets are high as cryptographic companies fight for domain in an industry worth Billions
What is the latest?
Legislators have introduced three different bills aimed at the regulation of Stablecoin, including the genius law of the Senate, the stable law of the Chamber (presented by the Republicans) and the member of the classification of Bill, Maxine Waters, and former representative Patrick Mchenry developed in recent years.
Each of these bills would impose certain reservation requirements and reports to the stablecoin issuers, and an analysis JP Morgan suggests that Tether may need to adjust their reservations to comply with these invoices, if they become law. However, each bill is still at an early stage of the legislative effort, and it is not clear how long it could take for any of them to pass through the Chamber, the Senate and signed by the President.
Allaire believes that the digital currency is a “dollar of technological superpower”
According to Allaire, the digital currency is a “dollar of technological superpower” that will have deep implications for the United States and small businesses, he said in an interview about the “mornings with María” of Fox on Tuesday.
“We are in a competitive race with China, we are trying to find which economic system will win, which currency system will win. This is a dollar of technological superpower that expands the role of the United States worldwide. “
At the same time, you can eliminate the costs spent in rates to credit card companies or to send remittances abroad, which makes the impact of a digital currency much wider than simply becoming the world’s economic superpower.
“There is a real way to return money in homes of households and small businesses.”
Allaire called the USDC “the first digital dollar in the United States” since it is backed by the US dollar in the form of treasury invoices, repository and effective, and has been and has grown for more than six years. He said that USDC Billions of dollars in transactions, including more than $ 1 billion per month and has seen a 100% growth in the last 12 months.
