Circle CEO Advocates for the Establishment of an On-Chain US Dollar System Embracing the DeFi World

Circle's Co-founder and CEO, Jeremy Allaire, has released a promotional video urging the United States to “make a choice” regarding digital currencies and reaffirming the threats faced by the US dollar.

In the video, Allaire discusses the capability of cryptocurrencies to “fundamentally change the way payments work.” He draws a comparison between the late 1990s dial-up internet era and the present state of modern networks driven by technologies like smartphones and artificial intelligence, stating that the “only thing that hasn't kept up with the technological momentum is the US dollar.”

Allaire asserts that the dominant position of the US dollar in today's global economy is being challenged. He advocates for the creation of an on-chain US dollar, describing it as a robust developer primitive that embraces a multi-chain, dynamic DeFi world, encompassing microtransactions and even large-scale capital markets. He proposes the establishment of this system within the United States and emphasizes that regulatory authorities in the country are ensuring the security, transparency, and adherence to bank-level regulatory risk management standards for these systems.