Chapter Circle: every fiat currency will inevitably have a cryptocurrency analog

Chapter Circle: every fiat currency will inevitably have a cryptocurrency analog

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The head of the American fintech company Circle, supported by the investment bank Goldman Sachs and the Chinese Internet giant Baidu, Jeremy Allaire believes that all the world’s currencies will acquire a cryptocurrency version.

“We see that all fiat currencies will become cryptocurrencies. At the moment it looks inevitable,” – he said on CNBC.

At the same time, he confirmed that Circle, which offers crypto users, an investment platform and a service for OTC trading, intends to introduce the USD Coin-bound currency to the market, to speed up transactions with the dollar through the use of technology and blockchain and reducing the inherent volatility of cryptocurrencies due to the binding to the currency.

Jeremy Allaire announced the start of the new “stable coin” of USD Coin, provided with the dollar of the USA, also. According to him, this cryptocurrency will accelerate transactions with national American currency due to the use blockchain and reductions of volatility.

Aller is confident that the dollar-secured cryptocurrency will develop better under more stringent regulation, and other financial companies will join the open CENTER platform on which USD Coin is launched.

“We consider fiat stablecoin as one of the key blockchain in the construction of the crypto digital economy on a global scale … And we are interested in the question: how to transfer all the tasks of the financial industry to the cryptocurrency infrastructure,” – he said.

Recall that Circle intends to obtain a US federal banking license and register with the Securities and Exchange Commission (SEC) as a brokerage and trading platform. Earlier Circle acquired crypto credit Poloniex, immediately announced the expansion of its business in Asia, and following the results of the next round of financing attracted $110 million investment.

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