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.”

 

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