Circle CEO Advocates for U.S. Leadership in Digital Finance

Heath Tarbert, President of Circle Internet Group, testified before the House Financial Services Committee on Wednesday, emphasizing the need for the United States to maintain its financial influence amid the rise of digital currencies. He warned that if the next generation of money and capital markets develops on infrastructure governed outside the U.S., the country risks losing its financial dominance.

Tarbert highlighted the increasing significance of stablecoins, tokenized assets, and blockchain technology in transforming financial infrastructure. He stated that while Congress cannot dictate which technologies will prevail, it can ensure that American law and institutions remain integral to these evolving systems. He pointed out the declining share of the U.S. dollar in global foreign-exchange reserves, which has dropped from over 70% in the late 1990s to 57.13% in early 2026.

To bolster the dollar's position, Tarbert urged Congress to implement the GENIUS Act, which would establish a federal framework for payment stablecoins, including reserve requirements and compliance with anti-money laundering regulations. He also called for lawmakers to address potential offshore loopholes to ensure that the growth of dollar-backed stablecoins occurs under U.S. supervision. Circle is known for its issuance of USDC, the second-largest stablecoin by market capitalization, currently with a circulating supply of 73.7 billion tokens.

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Source: KLEA News