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Circle CEO Optimistic About USDC's Competitive Advantage Amidst Regulatory Framework Uncertainty

Circle, the company behind stablecoin USDC, remains optimistic about its prospects despite recent liquidity issues stemming from the Silicon Valley Bank collapse. The company faced massive redemptions in March 2023 due to fear and uncertainty around its reserves in the bank, but quickly transferred its funds to Bank of New York Mellon.

Circle's CEO, Jeremy Allaire, believes the company will have a competitive advantage once clear regulatory frameworks are established in the United States. US lawmakers are also pushing for a clear stance on which cryptocurrencies should be categorized as securities versus commodities.

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