Circle's CEO Jeremy Allaire sees stablecoin products moving under the framework of a globally regulated framework—and his company will be leading the charge.
Circle's CEO Jeremy Allaire sees stablecoin products moving under the framework of a globally regulated framework—and his company will be leading the charge. In an interview with the South China Morning Post, Allaire spoke about the future of digital currency regulation and how his company is leading the way.
"We're kind of the global regulatory guinea pig for stablecoins," Allaire explained, underlining that Circle has always committed to operating as a regulated entity since its founding. Circle is an issuer of the second-largest stablecoin called USDC with a market capitalization of around $35 billion, a company keeping tight control over a 1:1 peg with the U.S. dollar.
The chief executive highlighted that stablecoins will be a game-changer for international finance in particular, specifically in cross-border settlements and foreign exchange transactions. "The more that you have those different fiat currencies online with stablecoins, the more… seamless cross-border transactions and FX (foreign exchange) transactions and programmable, composable finance can become," Allaire said while stating that the market will likely accommodate more than one provider of stablecoins beyond Circle.
On Asian markets, he was very optimistic about USDC's role in Hong Kong trade settlement but acknowledged limitations within mainland China, where both cryptocurrency trading and mining are still banned. "I don't see a direct role for Circle there," he said, although he did foresee increased activity in offshore stablecoin markets and better options for convertibility.
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