According to Jeremy Allaire, Circle’s founder and CEO, there are better institutions than the US SEC to oversee stablecoins. The leader of Circle is quoted as saying that stablecoins are payment channels and not securities.
Circle’s USD Coin USDC is the biggest stable coin issuer in the world. Because of its $42.2 billion in circulation, it controls 31% of the currency market. According to charts, tether continues to dominate the stablecoin market with a supply of $70.6 billion and a market share of 52%.
The chief executive officer of Circle provided his opinions on the SEC and its recent actions to crack down on the cryptocurrency sector, including the stablecoin issuer Paxos, in an interview on Feb. 24 with Bloomberg.
Source: https://crypto.news/circle-ceo-believes-the-sec-has-it-all-wrong-on-stablecoins/