Coin Edition -
- Circle CEO Jeremy Allaire states that the market has just witnessed the very early stages of crypto adoption.
- Allaire asserts that stablecoins will be considered legal electronic money by the end of 2025.
- The CEO adds that in one decade, stablecoins would account for 10% of the global economic money.
Jeremy Allaire, the CEO of Circle, the company behind the popular stablecoin USD Coin (USDC), has made a bold prediction: stablecoins will become globally recognized as “legal electronic money” by the end of 2025.
This comes amid the rapid growth of stablecoins, which are cryptocurrencies designed to maintain a stable value by pegging them to a reserve asset like the U.S. dollar.
In his recent X (formerly Twitter) post, the Circle CEO elaborated on the major reasons for his optimistic outlook on cryptocurrencies and stablecoins. Reflecting on the evolution of digital assets from 2009, when Bitcoin was barely known, to 2024, when it became the largest cryptocurrency, Allaire reiterated his confidence in crypto’s future.
I’m more bullish than I have ever been about crypto.I have been building @Circle for over 11 years, and at no time have I been more optimistic than right now.I also believe that the overwhelming majority of people have an extremely narrow and limited understanding of what’s…— Jeremy Allaire (@jerallaire) June 19, 2024
Even years after Bitcoin’s inception, the idea of virtual assets was considered outlandish. With slow and expensive technology, interactions with Bitcoin were deemed “highly fringe, probably illegal, and for most technologists, a largely uninteresting technology development.”
However, with the evolution of blockchain technology, digital assets have become highly accepted and valued worldwide. Reflecting on the massive growth of cryptocurrencies and blockchain technology, Allaire stated:
“There is a massive, thriving and growing competitive and innovative community of dozens of major blockchain network ecosystems…Digital assets have become an accepted part of the emerging global financial system, with virtually every major government in the world setting clear rules for how digital assets can be issued, used and traded.”
Furthermore, Allaire highlighted the potential growth of stablecoins, claiming they could account for 10% of global economic money in this decade. Allaire added, “Stablecoins have exploded in scale and use, emerging as crypto’s clearest killer app, unleashing digital dollars in the world, bringing more people into the future on-chain economy.”
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