Circle CEO, Jeremy Allaire predicts that the euro, the dollar, the yen and any other fiat currency is bound to become a cryptocurrency in the future.
“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 allows people to invest in crypto and transfer money to friends in 29 countries.
USD Coin provides stability in the crypto market
The company is also creating a stablecoin called USD Coin that’s pegged to the US dollar.
Stablecoins are created to provide price stability in the crypto market, and they offer a way to store and trade value in crypto without having to deal with the usual volatility of the market.
Allaire said that Circle’s US dollar-backed crypto would 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 native crypto infrastructure.”
Circle has full interest in the crypto space
Circle rally seems to be going all-in on cryptocurrency, and they also bought Delaware-based crypto 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.”
“Regulators in China and South Korea have tried to clamp down on the speculative nature of the market, both banning a controversial fundraising practice known as an initial coin offering (ICO) last year. ICOs are a method for start-ups to raise funds by selling new digital tokens in exchange for other cryptocurrencies like bitcoin and ethereum,” CNBC noted.