Jeremy Allaire, CEO of Circle, a stablecoin company, has declared that blockchain systems are the new infrastructure layer of the internet and that stablecoins are at its core, providing value that is “nearly instant, nearly free and global in scale.” Allaire believes this tech is reaching a level where millions can use it without having to understand its complexity.
Circle’s Jeremy Allaire: Stablecoins Are the ‘Critical Element’ for a New Internet Financial System
Jeremy Allaire, the CEO of Circle, the issuer of the second largest stablecoin of the cryptocurrency market, believes that stablecoins will become the pivot of a new blockchain-based economic system. In an article written as part of the World Economic Forum meetings at Davos, where Circle is participating, Allaire laid his beliefs about the future of blockchain networks and the significance of stablecoins for this surging economy.
Circle’s CEO remarked that this year, the interest in blockchain networks has peaked, with traditional financial institutions like Blackrock, JPMorgan, Standard Chartered, HSBC, and Goldman Sachs all announcing their involvement in blockchain-based projects. Allaire sees this interest as a natural support for the technology that “is poised to eat the world of money.”
Allaire explains stablecoins will be at the center of all this activity, given their almost universal applications, which range from traditional commercial uses to transferring value to people who lack access to a connected banking system, such as Ukrainian refugees or Venezuelan healthcare workers.
The evolution of these networks and the technology that powers them enable people not versed in the area to use stablecoins without dealing with their complexity. Allaire stresses that these developments are “paving the way for a future in which billions of people will interact with the Internet financial system on a daily basis without needing to understand how it works.”
Circle recently completed the upgrade of its USDC stablecoin to version 2.2 and has plans to become a publicly traded company, aiming to launch its Initial Public Offering (IPO) after getting approval from the U.S. Securities and Exchange Commission (SEC).
What do you think about Jeremy Allaire’s vision of the future of stablecoins? Tell us in the comments section below.
