Not all stablecoins are created equal, as the eye-watering collapse of the Terra “stable-in-name-only” coin highlighted. The existence of well-regulated and trusted alternatives such as USD Coin (USDC) - Circle’s dollar digital currency - has underscored the endurance of a regulation-first model that prioritizes trust, transparency and accountability. So why must Congress act if regulatory oversight at the state level is producing business models that are growing and withstanding the crypto equivalent of a generational stress test? Simply put, the opportunity is to level the playing field with lightly regulated international competition. This will ensure the U.S. not only keeps pace, but is the pacesetter amid fierce jurisdictional battles for which countries and regions will be the domicile of reference for the responsible actors in the crypto-assets market.
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