Circle President Heath Tarbert, a former CFTC chair, testified before the U.S. House Financial Services Committee on September 2 that the GENIUS Act has established a federal regulatory framework for payment-type stablecoins, equivalent to building a 'dollar layer' for the internet finance system. He urged Congress to advance the CLARITY Act to complete the long-term 'market layer' framework for digital assets and requested that the GENIUS Act's final implementation rules block regulatory arbitrage opportunities for offshore stablecoins, require restrictions on intermediaries serving U.S. clients, and ensure foreign stablecoin issuers meet comparable regulatory standards. He warned that the U.S. must secure its leadership in digital finance, citing the dollar's decline in global foreign-exchange reserves from over 70% in the late 1990s to 57% today and noting that 98% of global stablecoin value is in dollars. The testimony came after the GENIUS Act was signed on July 18, 2025, with enforcement beginning in January 2027. Circle issues USDC, which has a market value of roughly $70 billion to $75 billion and ranks as the second-largest dollar-pegged stablecoin. The token has processed trillions of dollars in cumulative transaction volume. Circle’s policy push follows its national trust bank charter from the Office of the Comptroller of the Currency on July 10, 2026, and a limited-purpose trust charter from the New York Department of Financial Services on July 31. The company also discussed tokenized Treasury and money-market products exceeding $16 billion in circulation by August, as well as AI agents initiating transactions under compliance controls.