Circle’s Allaire Faults US Financial Risks After $13 Billion Drop in Stablecoin USDC
- Allaire flags a push by investors to ‘de-risk out of the US’
- He says the US is behind other jurisdictions on crypto rules
Jeremy Allaire
Photographer: Stefani Reynolds/BloombergThis article is for subscribers only.
A push by investors to “de-risk out of the US” amid banking sector and regulatory challenges contributed to the drop in the market value of stablecoin USD Coin, according to the chief executive of the token’s issuer.
“We are seeing a huge amount of concern globally about the US banking system,” Jeremy Allaire, CEO of Circle Internet Financial Ltd., said in an interview on Bloomberg Television on Wednesday. “We are seeing concern about the regulatory environment in the US.”