De-dollarization is underway and Congress must pass stablecoin bill to boost greenback’s competitiveness, Circle CEO says

News Snapshot:

Heidi Gutman/CNBC/NBCU Photo Bank/NBCUniversal via Getty Images A digital dollar is needed to make the greenback's use more open and integrated, Jeremy Allaire said. "There are de-dollarization efforts that are underway in many parts of the world," the CEO of Circle said. Congress is currently considering a bill that would give the Fed more power over stablecoins. De-dollarization is already occurring, and Congress must pass new stablecoin legislation to bolster the greenback, according to Circle founder and CEO Jeremy Allaire. Circle is responsible for USD Coin, the second-largest stablecoin, which is a type of digital token that's typically pegged to...