Circle CEO calls for the establishment of an on-chain US dollar system embracing DeFi.
2023-08-10 11:02
Odaily News The co-founder and CEO of Circle, Jeremy Allaire, has released a promotional video urging the United States to "make a choice" regarding digital currencies, while emphasizing the threat facing the US dollar.
In the video, Allaire mentions the ability of cryptocurrencies to "fundamentally change the way payments work" and compares it to the transition from dial-up internet in the late 1990s to the modern network powered by smartphones and artificial intelligence. He states that the only thing that has not kept up with technological advancements is the US dollar.
Allaire asserts that the dominant position of the US dollar is being threatened in today's global economy. He proposes the establishment of an on-chain US dollar, which would serve as a powerful developer primitive and embrace a multi-chain, dynamic DeFi world, including small-scale payments and even large-scale capital markets. He advocates for building this system within the United States to showcase to the world that US regulatory agencies are ensuring the security, transparency, and adherence to bank-level risk management standards of these systems. (Decrypt)
In the video, Allaire mentions the ability of cryptocurrencies to "fundamentally change the way payments work" and compares it to the transition from dial-up internet in the late 1990s to the modern network powered by smartphones and artificial intelligence. He states that the only thing that has not kept up with technological advancements is the US dollar.
Allaire asserts that the dominant position of the US dollar is being threatened in today's global economy. He proposes the establishment of an on-chain US dollar, which would serve as a powerful developer primitive and embrace a multi-chain, dynamic DeFi world, including small-scale payments and even large-scale capital markets. He advocates for building this system within the United States to showcase to the world that US regulatory agencies are ensuring the security, transparency, and adherence to bank-level risk management standards of these systems. (Decrypt)
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