Outside Source
Jeremy Allaire, CEO of Circle, recently discussed USDC’s operations and the growing importance of stablecoins within the global economy.
“We’re now seeing essentially stablecoin rules coming into place all around the world. And alongside that, that’s enabling us to really expand the market infrastructure that supports USDC,” Allaire said during a fireside chat at Token2049 in Dubai on April 19.
In 2024, regulators worldwide moved to create a regulated environment for stablecoins. While the U.S. saw politicians calling for outright bans, authorities in the EU seemed eager to regular the asset class. According to Allaire, such regulatory frameworks have been advantageous for expanding USDC’s market infrastructure.
Highlighting Circle’s global initiatives, Allaire shared details about Cricle’s plans to set up local banking infrastructures in key financial centers, including Singapore, Hong Kong, and the European Union.
Further, the CEO revealed that the stablecoin issuer has already started rolling out natively in Brazil and Mexico.
Circle is “working with dozens of banks and advancing the technology of the protocols.” Circle currently exists on 16 different blockchain networks and protocols, Allaire stated, stressing the technological strides being made. These efforts are significantly enhancing USDC’s adaptability and reach as a stable digital currency.
The Circle CEO also touched upon the evolving role of money as a tool for business and banking efficiencies.
Money as a utility “is going to be hugely valuable for the biggest corporations in the world in developed markets, and it’s going to be hugely valuable in international markets,” Allaire noted, suggesting a shift towards digital currencies that serve broader, more strategic roles than traditional fiat currencies.
Furthermore, Allaire also pointed out the importance of stablecoins in cross-border finance, noting that the role of stablecoins in this area is “very significant.” He went on to tout stablecoins as a means to facilitate a smoother and cost-effective payment channel.
The Circle CEO considers this a crucial feature in a globalized economy where financial transactions often span multiple countries.
Per Allaire, Circle’s commitment to technological innovation was evident in its development of new protocols, such as the “cross-chain transfer protocol.” Allaire initially announced this protocol in January 2023 and claims that it enhances USDC’s fluidity across different blockchain ecosystems.
“We’re making that infrastructure faster and easier to use, and then working with developers in hundreds of countries now who are building on top of those protocols and building applications, utilities, and other things to help grow the stablecoin network,” the Circle CEO added.
The fireside chat concluded with a forward-looking discussion about the future challenges and opportunities within the stablecoin ecosystem, prompted by Arslanian’s inquiries about recent market fluctuations and the outlook for digital currencies.
“I think if we’re talking about what’s going to be used for real economic activity that is going to be used by households in terms of financial institutions, you’re going to need to have legal forms of digital currency money, and those are going to be regulated issuers. And those are going to be fully reserved,” Allaire concluded.
This article first appeared at crypto.news
