Jeremy Allaire, co-founder of Circle, advocates for consistent regulation of stablecoin issuers, regardless of their global locations. He argues that firms issuing US dollar-pegged stablecoins should register with US authorities, particularly given that they serve American customers. His stance comes as a bill aimed at establishing a formal regulatory framework for payment stablecoins is proposed by US lawmakers and the Trump administration plans to regulate these assets, potentially bolstering the dollar’s global standing. Meanwhile, Tether, the issuer of the largest stablecoin USDT, faces increasing pressure amidst mounting efforts from rivals and political forces to push it out of the market.