Circle CEO: Stablecoin issuers must hold more robust asset reserves than banks and be regulated by federal regulatory agencies.

BlockBeats reported on June 14th that Circle CEO Jeremy Allaire stated during a hearing on stablecoin regulation held by the House Financial Services Committee that national standards need to be established for stablecoin regulation and that federal regulatory agencies should be responsible for enforcing such regulations when appropriate. Additionally, Allaire stated that stablecoin issuers should hold more robust asset reserves than banks and should not adopt a partial reserve system similar to that of the banking system in order to ensure that funds used for payment and redemption of stablecoins do not face risks.