Circle says USDC helped deliver humanitarian aid; company urges regulation for consumer protections

Marcina Tillman Perez, who leads global impact at Circle, told the Federal Reserve conference that the stablecoin USDC — which Circle issues — is backed by highly liquid reserves and can move value across borders quickly and at low cost.

"1 USDC will only ever be worth 1 US dollar," Marcina Tillman Perez said, explaining that Circle holds cash and short-term U.S. Treasuries in regulated U.S. institutions to back redemption. She described a program in which vetted refugees in Ukraine downloaded digital wallets and received digital dollars for humanitarian aid, enabling recipients to receive funds immediately and cash out at thousands of local locations without long lines.

Why it matters: Panelists said programmability and low-cost rails could meaningfully reduce remittance fees and enable small-value transfers that are otherwise uneconomic. Perez noted international remittance costs remain above global targets and highlighted peer-to-peer cash-out networks and text-message-based transfer options as complementary approaches.

Regulation and protections: When an audience member asked whether stablecoin remittances receive the same legal consumer protections as traditional remittance transfers, Perez framed regulation as essential. She pointed to what she called the "Genius Act," which she described as a recent legislative step toward stronger consumer protections, and said Circle supports a regulatory approach that protects users while enabling responsible innovation.

What happens next: Circle urged clearer, consistent regulation and global alignment to preserve consumer protections as digital-dollar use expands. The panel did not record a formal vote or regulatory action; the comments were part of a broader discussion about use cases and protections.