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Senate Banking Committee chair seeks answers on stablecoins from Centre, Paxos and more

In November 23 letters seen by The Block, Senator Sherrod Brown is calling on stablecoin operators to open up about their processes. The letter to Circle’s Jeremy Allaire reads: “Consumers’ increased use of stablecoins, and their importance in effecting transactions in digital assets, underscores the need for greater understanding of the basic operation, and limitations, of USDC.” Brown sent similar letters to Coinbase, Gemini, Paxos, TrustToken, Binance.US and Centre. Notably, he did not write to Tether, which issues the largest …