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.”Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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