Testifying before the House Financial Services Committee on Wednesday, Tarbert warned that the U.S. risks losing financial influence if the next generation of money and capital markets develops on infrastructure governed outside the country. He cited the declining share of the dollar in global foreign-exchange reserves, which fell from over 70% in the late 1990s to 57.13% in Q1 2026. Tarbert argued that stablecoins, with roughly 98% of their value denominated in US dollars, could reinforce the dollar's position. He urged Congress to fully implement the GENIUS Act, which establishes a federal framework for payment stablecoins, and to close potential offshore loopholes, ensuring dollar stablecoin growth occurs under U.S. rules. Circle is the issuer of USDC, the second-largest stablecoin.