Circle President Urges GENIUS Act Rollout to Support Dollar via Stablecoins
Heath Tarbert testified before the House Financial Services Committee that dollar stablecoins can extend US financial reach and called for full GENIUS Act implementation by January 2027.
Circle President Heath Tarbert testified before the House Financial Services Committee on September 2 that dollar-backed stablecoins can reinforce US financial leadership as the dollar's share of global foreign-exchange reserves declines.
Tarbert cited data showing the dollar accounted for 57.13 percent of reserves in the first quarter of 2026, down from more than 70 percent in the late 1990s. He noted estimates that roughly 98 percent of stablecoin value is denominated in US dollars.
He called for full implementation of the GENIUS Act, the federal stablecoin framework, no later than January 2027. The law requires reserve backing, redemption at par, disclosures, and compliance with anti-money laundering and sanctions rules.
Tarbert also urged lawmakers to close offshore loopholes so that growth in dollar stablecoins occurs through supervised US issuers rather than foreign platforms.
What remains unknown
No regulator responses or legislative outcomes from the testimony have been recorded. The scale of any future effect on stablecoin issuance volumes or dollar reserve shares is not quantified in the record.