The largest US dollar-pegged stablecoin by market cap is surging to new heights as talk of crypto regulation in the US ramps up.
Earlier today, Tether (USDT) reached an all-time high market cap of over $85.9 billion, helping to retain its spot as the largest stablecoin on the market, ahead of Circle’s USDC and MakerDAO’s Dai (DAI).
Meanwhile, Federal Reserve Vice Chair for Supervision Michael Barr is calling for stronger stablecoin regulation in the United States.
According to a report from Fortune, Barr called for stablecoin oversight during a speech at D.C. Fintech Week.
Barr is reportedly concerned about “the proliferation of private money backed by the US dollar without regulation.” He says the Federal Reserve has a “very strong interest” in federal regulation that would allow it to approve and supervise stablecoin issuers.
Barr also said that the stablecoin space should be “well-regulated” to avoid potential risks to financial stability, and because the industry “borrows the trust of the Federal Reserve in its issuance.”
Barr’s calls for regulation are hot on the heels of Wyoming Senator Cynthia Lummis’ calls to pass crypto regulations by early next year.
“I think the SEC is overreaching… We’re crying out for a clear regulatory framework here.”
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