Jeremy Allaire, CEO and co-founder of Circle, the company behind the stablecoin USD Coin (USDC), is confident that digital currency will become a powerful force with global impact. In a recent interview, Allaire described digital currency as a “technology superpower” that will enhance the United States’ influence worldwide.
Circle CEO: USDC is America’s First Digital Dollar
Touching upon the stablecoin USDC’s impressive growth, “I like to call it America’s first digital dollar,” Allaire noted. “Over the last 12 months, it’s had 100% growth. The amount of transactions happening with it on the internet is in the trillions of dollars, including over $1 trillion a month.”
He emphasized that while digital advancements have already transformed sectors like media, communications, and software, money has remained largely unchanged. Digital currency, according to Allaire, brings the same global, instant, and cost-effective capabilities to financial transactions, offering significant benefits to small businesses, households, and the financial sector.
USDC, he explained, is anchored in the US financial system, backed by Treasury bills, repos, and cash, with support from major institutions like BlackRock and the Bank of New York Mellon. This backing ensures its stability while providing the technological advantages of digital currency and instant and inexpensive money transfers.
Allaire also pointed to the growing competition between the US and China in the race to define the future global currency system. He said that he sees digital currency as a key component in this battle, with the US prepared to lead by exporting its digital dollar worldwide.
Allaire added, “We’re trying to find what economic system is going to win, what currency system is going to win.”
This conversation comes ahead of a crypto summit hosted by former President Donald Trump, set for Friday. The summit will feature key figures from the crypto industry and members of the President’s Working Group on Digital Assets, which was established earlier this year to advise on U.S. policy regarding digital assets.
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