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US Stable Currency Legislation Urgently Needed for Circle’s USDC to Link with US Dollar

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It is reported that the market turbulence caused by the collapse of the Silicon Valley Bank briefly led to the breaking of the link between the USDC stable curr

US Stable Currency Legislation Urgently Needed for Circle’s USDC to Link with US Dollar

It is reported that the market turbulence caused by the collapse of the Silicon Valley Bank briefly led to the breaking of the link between the USDC stable currency of Circle and the US dollar. In response, the management team of the stable currency issuer has called on the US Congress to urgently pass the stable currency legislation. In an interview with Jennifer Schonberger of Yahoo Finance, Maxine Waters, chairman of the House Financial Services Committee, said that the legislation might be passed in a few days, and suggested that the delay was due to the fear of which party would control the House of Representatives.

US Congressman: The US may pass the stable currency legislation in a few days

Analysis based on this information:


The collapse of Silicon Valley Bank has caused market turbulence leading to the break of the link between the USDC stable currency of Circle and the US dollar. In response, the management team of Circle has urged the US Congress to urgently pass stable currency legislation. The situation is alarming for many investors and traders, who may have lost confidence in stable currencies due to these events.

Circle is a prominent issuer of USDC stable currency, backed by the US Dollar. This means that the value of one unit of USDC is always equal to one US Dollar. However, the recent market turmoil after the collapse of Silicon Valley Bank caused a brief interruption in the link between the USDC stable currency and the US dollar. It raises concerns about the reliability of stable currencies and highlights the urgent need for stable currency legislation.

According to Maxine Waters, chairman of the House Financial Services Committee, the stable currency legislation could be passed in a few days. However, the delay in the legislation’s passage is due to the fear of which party will control the House of Representatives. This highlights the political implications that the enactment of the stable currency legislation can have on markets and the overall economy.

The urgent need for stable currency legislation has become an important issue for Circle and other stable currency issuers. It aims to provide a framework for stable currencies to operate within the legal and regulatory system of the country. It will help to build confidence in stable currencies and restore trust in the financial markets.

In conclusion, the recent market turbulence has highlighted the need for stable currency legislation to ensure that the value of stable currencies is always linked to the US dollar. The delay in passing the legislation is understandable, given its political implications. However, the enactment of stable currency legislation will be a critical step towards ensuring market stability and investor confidence.

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