Circle CEO Talks Cryptos for Every Fiat Currency; His Company’s Own USD Coin

Cryptovest

Published Jun 21, 2018 04:04AM ET

Updated Jun 21, 2018 04:21AM ET

Circle CEO Talks Cryptos for Every Fiat Currency; His Company’s Own USD Coin

In one of the most ambitious statements ever made by a crypto player, Circle’s co-founder said that eventually every currency in the world will have its own version of crypto.

Jeremy Allaire recently made the comment to CNBC.

Let’s discuss this and what else he discusseed.

h2 One for all/h2

Allaire told CNBC that there will eventually be a crypto version of every currency in the world. So whether it’s the U.S. dollar or the Chinese yuan, at some point in the future, there will be a digital coin for it.

He said:

"Our view is that all fiat currency will be crypto. It seems inevitable at this point."

Allaire noted that one of his company’s interests is in “how do we take all of the tasks involved in the financial industry and move those onto a crypto native infrastructure."

Circle is based on a Blockchain-powered app that lets people send money to others for free. Also in Circle’s wheelhouse are products that allow people to invest in cryptos, as well as participate in over-the-counter crypto trading.

h2 Self-promoting?/h2

Allaire’s comments about fiat money eventually having a crypto version come as his own company, Circle, is in the process of launching its own cryptocurrency. It would be called the USD Coin because it would be pegged to the U.S. dollar.

The token would be developed within an open-source platform called CENTRE, which Circle hopes could be joined by financial institutions and other firms.

It would be considered a stablecoin, and the thought is that it could speed up transactions completed with the U.S. dollar. This would be made possible through the use of Blockchain.

He said:

"Our focus with fiat stablecoins is we really think of it as a core building block for a crypto native global digital economy. Our interest is in how do we take all of the tasks involved in the financial industry and move those onto a crypto native infrastructure."

If all goes well, Circle’s USD Coin could marry mainstream financial processes to the world of Bitcoin and Blockchain.

The company is also looking to add crypto tokens for the euro and the British pound, according to CNBC.

h2 Regulations to the rescue/h2

Considering how Circle operates, if any regulatory ideas that are being bandied about come to fruition, the company would welcome them.

"Our focus with fiat stablecoins is we really think of it as a core building block for a crypto native global digital economy.”


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