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The U.S. dollar 'is winning the digital currency space race,' Circle CEO explains

Yahoo Finance Video

Circle Co-Founder, Chairman, and CEO Jeremy Allaire testified about stablecoins, cryptocurrency, and digital assets before the House Financial Services Committee.

Video transcript

JEREMY ALLAIRE: The United States and the US dollar is winning the digital currency space race today. Dollar stablecoins are doing trillions of dollars of transactions. The experimental beta of a Chinese yuan, which is government controlled in China, has done $10 billion of transactions.

So the United States is winning. This has potential to grow at a very significant speed around the world and benefit the US dollar and benefit American businesses and households. And so I think that's one really, really critical thing to understand.

And I think the primacy of this infrastructure and the development of this infrastructure, it is a strategic national security and national economic priority for the United States, and we need to get going on it right now.