Circle CEO believes that stablecoins could account for 10% of global economy
Circle's head, Jeremy Allaire, recently envisioned that in the next ten years, stablecoins could represent 10% of the "global economic currency."
On June 19, in an X post, Allaire shared his increasing optimism about the potential of cryptocurrencies and stablecoins, citing several major factors for his positive outlook.
Allaire highlighted the revolutionary role of stablecoins in the digital era, labeling them as the pivotal application in the crypto space. He pointed to their ability to streamline international trade, slash the costs of remittances, and offer financial services to those without traditional bank accounts. He foresees a future by 2025 where stablecoins will gain widespread acceptance as 'legal electronic currency' across many prominent regions.
Anticipating a shift where stablecoins command 10% of the global economic currency, Allaire suggests this could transform credit mediation. Moving from traditional fractional reserve lending to on-chain credit markets, he argues, could democratize access to credit and debt markets in a manner analogous to how Amazon and AdWords redefined retail and advertising.
He imagines a world where blockchain will power billions of transactions and user engagements, reshaping sectors from finance to governance. On-chain entities might rival conventional firms, and governments could embrace blockchain for transparent and efficient governance. Allaire believes these developments are within reach over the next decade.
According to the CEO, this burgeoning era of crypto adoption marks just the beginning.
