- Jeremy Allaire hails GENIUS Act as USDC approaches $70B.
- GENIUS Act sets first U.S. rules for stablecoin market growth.
- Circle advances with IPO plans after Ripple’s failed USDC offer.
Jeremy Allaire, cofounder of Circle, has marked the approval of the GENIUS Act with a motivational post on X, reflecting on the company’s decade-long journey. In his view, resilience and cooperation with regulators have been the key factors in the identification and regulation of stablecoins within the United States.
When Allaire launched Circle in 2013, his vision was not believed by many investors, regulators, and even family members. He urged that money would be able to travel over the internet quickly, cheaply, and worldwide just as information. He continued the work even when he was doubtful because he knew that no big systems could be changed within a day; it took years of persistence.
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GENIUS Act Now Signed Into Law
The GENIUS Act, passed in July with a 308–122 vote and signed into law by President Donald Trump, has become the first federal framework for stablecoins. The new law states that U.S. dollar-pegged stablecoins must be 100 percent secured with liquid assets like cash or short-term Treasury bonds.
It also requires that the issuers publish a monthly disclosure of their reserve compositions to make them transparent. As stablecoins are worth over 262 billion dollars at the time of writing, legislators believe that such regulations will safeguard users and limit the risks to the overall system of the burgeoning digital asset sector.
In addition to the GENIUS Act, Congress also enacted the Clarity Act, which establishes the scope of crypto tokens subject to securities or commodities regulations. Legislators also voted on a bill that prohibits the development of a U.S. central bank digital currency for privacy reasons.
Circle’s Market Standing
Circle remains the second-largest stablecoin issuer, with USDC holding a market capitalization of $68.14 billion. Tether dominates the market with a total of $166.81 billion, and USDC still has a robust market in global trading and payments.
Rumors increased earlier this year that Ripple was interested in buying USDC for $20 billion. The deal, however, failed when Circle moved closer to its IPO on the New York Stock Exchange.
In July, John Deaton, a pro-Ripple lawyer, responded to speculation of rivalry between the two assets, noting that XRP is not a stablecoin and does not target to compete with USDC.
A Milestone for Circle and the Industry
Allaire pointed to these reflections about the role of persistence in taking stablecoins through a stage of being questioned to a regulated component of the financial system. After the enactment of the GENIUS Act, Circle and the industry at large are in a stronger position as adoption grows.
Jeremy Allaire’s celebration of the GENIUS Act underscores Circle’s pivotal role in shaping digital money. With USDC nearing a $70 billion market cap, his vision of internet-based funds has taken a decisive step into mainstream finance.
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