Stablecoin issuers have poured hundreds of thousands of dollars into lobbying US lawmakers since the start of last year, records show, at a time when legislation of the sector looks to be back on the agenda.

The industry’s biggest issuers Tether and Circle have spent more than a million dollars between them, according to filings collated by ProPublica.

Tether, which issues the world’s largest stablecoin, USDT, pays $120,000 a quarter to FTI Government Affairs, specifically to lobby on legislation related to stablecoins. Its total outlay since the start of 2022 is estimated to be $600,000.

“As a responsible participant in the industry, Tether believes it is crucial to contribute to the development of a transparent and balanced regulatory framework that fosters innovation while ensuring consumer protection and market integrity,” a Tether spokesperson told Decrypt.

Meanwhile, rival Circle, which issues USDC, has been allotting about $100,000 a quarter to pay DC-based Invariant to educate Capitol Hill policymakers on stablecoin and crypto issues, as well as monitoring relevant proposals.

Its total spending has reached at least $560,000 since it hired the strategic consulting firm in late 2

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Author: Alys Key

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