[NEWS] Circle CEO comments that "Stablecoins will account for 10% of global currency in the next decade"

On the 19th of this month, Allaire expressed optimistic predictions for crypto assets (virtual currencies), especially stablecoins, through X, showing that he is more bullish on the crypto asset ecosystem than ever before.

He began by outlining how much progress the crypto asset industry has made over the past few years. He also explained the events the ecosystem has experienced during this time, starting with the birth of Bitcoin (BTC), and said, "This is based on careful observation of the adoption lifecycle of Internet technology over the past approximately 35 years."

He also argued that as infrastructure on the Internet has become layered and its usefulness to society and the economy has deepened, each wave has transformed major industries. He explained that it has improved utility for people, reversed or transformed unit economics, and opened up fundamentally new possibilities.

He recognized that until now, the Internet has lacked a layer of trust, but the current situation is that blockchain technology has made it possible to achieve completely trustworthy data, transactions, and computing.

"When we think about how to expand the foundations of cryptography to provide a more general internet infrastructure that underpins society and the economy, digital tokens issued on public blockchains and mediated by smart contracts have enabled a globally trusted environment," Allaire said.

He further noted that security, privacy, and scalability based on ZK technology (zero-knowledge proofs) and FHE (fully homomorphic encryption) have made great strides, and that a world in which crypto computing is the foundation of critical applications is just around the corner.

He added that stablecoins are currently exploding in scale and use, and "have become the clearest killer app in the crypto space, unleashing a digital dollar to the world and drawing many people into the on-chain economy of the future, delivering on the promise of providing banking services to the unbanked, reducing remittance costs, and enabling seamless cross-border commerce."

Finally, he expressed his bullish view, saying, "Stablecoins are becoming legally defined and recognized digital money in almost every major jurisdiction in the world. By the end of 2025, stablecoins will be legal digital money in almost every region and will play a major role in the more than $100 trillion electronic money market. The goal of 10% of the currency in the global economy being stablecoins is achievable within the next decade."

Reference:Mr. Allaire X
Image: Shutterstock

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