The largest US dollar-pegged stablecoin by market capitalization is soaring to new heights as talk of crypto regulation in the US increases.
Earlier today, Tether (USDT) reached an all-time high market cap of over $85.9 billion, helping it maintain its spot as the largest stablecoin on the market, ahead of Circle’s USDC and MakerDAO’s Dai (DAI).
Meanwhile, Federal Reserve Vice Chairman for Supervision Michael Barr is calling for stronger stablecoin regulation in the United States.
According to a report from Fortune, Barr called for stablecoin oversight during a speech at DC Fintech Week.
Barr is reportedly concerned about “the proliferation of private money, backed by the U.S. dollar, without regulation.” He says the Federal Reserve has a “very strong interest” in federal regulations that would allow it to approve and oversee stablecoin issuers.
Barr also said the stablecoin space should be “well regulated” to avoid potential risks to financial stability, and because the sector “lends the Federal Reserve’s confidence in its issuance.”
Barr’s calls for regulation follow calls from Wyoming Sen. Cynthia Lummis to pass crypto regulations early next year.
“I think the SEC is going too far… We are crying out for a clear regulatory framework here.”
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Featured image: Shutterstock/WWWoronin
