Circle CEO Says Every Fiat Currency on Earth Will Become a Cryptocurrency
The dollar, the euro, the yen and every other fiat currency on the globe will become a cryptocurrency, according to the CEO of Circle.
“Our view is that all fiat currency will be crypto,” Jeremy Allaire told CNBC. “It seems inevitable at this point.”
Circle is a Goldman Sachs-backed payments company with apps that let people invest in cryptocurrency and send and receive money to friends in 29 countries.
It’s also creating a stablecoin called USD Coin that’s pegged to the US dollar.
Stablecoins are designed to provide price stability in the cryptocurrency market, offering a way to store and trade value in cryptocurrency without the traditional volatility of the market.
Allaire said that Circle’s US dollar-backed crypto will benefit from stronger regulations.
“Our focus with fiat stablecoins is we really think of it as a core building block for a crypto native global digital economy,” Allaire said.
“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.”
Circle appears to be going all-in on cryptocurrency, and also bought Delaware-based cryptocurrency exchange Poloniex in February for about $400 million.
One of Circle’s chief traders told Forbes, “When things start to get really out of whack really fast, that tends to be good for us.”
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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