Former U.S. CFTC Chairman Heath Tarbert has joined Circle as its new chief legal officer and head of corporate affairs. Tarbert has a distinguished career in the public sector, having worked in all three branches of the federal government and in key regulatory agencies. He will replace Flavia Naves, who announced her departure from Circle earlier this year.
Circle is a leading issuer of stablecoins, which are digital tokens pegged to fiat currencies, and CEO Jeremy Allaire said that Tarbert's expertise and leadership will help Circle grow as a global company. Notably, Allaire was recently featured in a Forbes article that covered how Circle is begging congress to offer regulatory clarity for stablecoins.
Circle's flagship stablecoin, USD Coin (USDC), has seen its market share decline over the past year, from 34.88% to 23.05%. The company blames the U.S. regulatory environment for favoring its main competitor, Tether's USDT, which has grown its market share to 65.89% from 47.04%.