Circle CEO Jeremy Allaire has urged Congress to regulate stablecoins, warning that the US dollar's status as a global reserve currency is under threat. Allaire highlighted the increasing competition faced by the dollar and the potential impact of foreign digital currencies, particularly the yuan. He argued that establishing trust in digital dollars and regulating stablecoins promptly is essential to maintain the dollar's status and ensure America's continued leadership in the global economy. Industry leaders, including Mike Novogratz, have echoed Allaire's call for well-regulated stablecoins, emphasising the importance of establishing a robust regulatory framework to build trust, protect consumers and ensure the stability and competitiveness of the US dollar in the evolving digital landscape.