CEO Who Manages Stablecoin USDC Says Global Economy Will ‘Become Instant, Global, Frictionless And Free’ In Less Than A Decade
“The first is that essentially storing and moving money, making and receiving a payment will essentially become instant, global, frictionless and free.”
The following report was first published on October 13th, 2024, on winepressnews.com.
Jeremy Allaire, co-founder and CEO of Circle, one of the world’s largest fintech firms that manages one of the largest digital dollar currency payment systems in the world called USDC, says the world economy is on the precipice of becoming totally “instant, global, frictionless and free” in roughly a decade.
A stablecoin, in this case USDC, is a cryptocurrency tethered to the value of the United States dollar and does not have massive price volatility such as Bitcoin. USDC is simply a purely digitized version of the US dollar that is traded on a blockchain. A stablecoin can also be pegged to the value of a commodity.
On the “Meet the Leader“ podcast, hosted by the World Economic Forum (WEF), Allaire sat down to discuss the benefits of USDC and stablecoins, and how they are shaping the world economy.
Allaire said in his interview that “stablecoins were designed to basically take a traditional currency, […] and essentially mimic those as digital currencies that work on the internet.” Allaire explained that “USDC is the largest regulated dollar stablecoin in the world, and it supports an enormous amount of economic activity on the Internet. Over $13 trillion of payment transactions have been done using USDC.”
Allaire covered the details of their second-ever “State of the USDC Economy” report.
Allaire explained that “the demand for this new kind of digital money that works directly on the internet, the same way that we can exchange an email or text message or other things, this new kind of digital money, these digital currency dollars, are attractive around the world because they allow people to hold value in a dollar.”
The Circle CEO described how the company has seen “60% growth in the number of kind of meaningful users that are holding and using this, and the amount of issuance and redemption grew to almost $200 billion over the last year.”
Allaire contends that as the world moves into the phase of digital money it will come with a host of many other benefits, of which include things such as “growth in the humanitarian applications of this technology;” because “major UN agencies, international aid agencies as well, are using this as a better way to distribute digital cash, in a sense, to the people who need it the most,” he explained.
Leading off this, Allaire described this in action. One of Circle’s partners, the United Nations High Commission for Refugees (UNHCR), was able to provide aid to displaced Ukrainians affected by the war. He added:
“And what we were able to do with a blockchain technology partner, another forum member, Stellar and Stellar Development Foundation, as well as a leading money service company, which is Moneygram, create a solution where essentially the UNHCR can push digital dollars directly to aid recipients’ digital wallets. All they need is a mobile device and they can be in any country.
“They can be wherever they’ve ended up, and they can receive this, and then they can hold that value directly on their digital device as these digital dollars. And when they need it, they can literally go to any location in almost any country in the world and get local currency,” Allaire detailed.
The host of the show brought up how the acceptance of digital money and payments vastly increased during the Covid era, and asked how people such as Allaire and others are working to build-off on that trust. The host asked, “What else do you think is needed to scale stablecoin? And I guess in your mind, where would you like to be in five years, if you could have a dream milestone point.”
Allaire explained that he believes stablecoin adoption will greatly increase within the next five to ten years, as the world becomes “frictionless and free,” and that includes essentially the elimination of plastic cards and other conventional forms of commerce. In a lengthy comment he said:
The power of [blockchain] is that building on top of it, you effectively can create an internet financial system where literally everything from the base layer of value, a dollar or a euro to the arrangements we have around money, borrowing and lending, saving and investing, and a lot of the other kind of building blocks that we have in finance can actually be brought into this blockchain infrastructure. And so over time, the really exciting thing over, say, a five-year period is I think a couple things happen.
The first is that essentially storing and moving money, making and receiving a payment will essentially become instant, global, frictionless and free.
Right now, there’s time delays, there’s a tax and toll through intermediaries. Businesses pay 3% fees just to receive a payment through a plastic card or whatever it would be. So I think you really see sort of like we’ve seen with data and information communications essentially that over five years, it gets to a point where basically you can move value whether you’re an individual sending out 25 cent payment in Ghana for purchasing something from a street vendor, or you’re a multinational sending $1 billion. The same kind of infrastructure becomes available. And that’s really exciting.
And when you think about the growth of the internet, once moving data became effectively frictionless and free, once publishing information of effectively where the marginal cost of publishing and new information kind of went down to zero, the amount of information that became available in the world went like a million. It had this incredible exponential growth. The amount of communications between people in the world went exponential. So you had these huge things.
When the marginal cost goes to zero and the speed goes to effectively the speed of the internet, you have these huge discontinuous jumps. I think that’s going to happen in the world of moving value. And that translates from my perspective actually, to increased economic activity when you can move and exchange value essentially frictionless at almost no cost. The velocity of money and the amount of economic activity that can happen will also grow in that way.
That’s a very exciting concept, and we don’t quite know this super high velocity of frictionless money. Like we don’t quite know what that’s going to do, what kind of opportunities that’s going to create.
[…] Blockchain networks, smart contracts, stablecoins, this kind of infrastructure, essentially, for the first time in human history, creates programmable money. And what I’m excited about over a 5- to 10-year period is that essentially the same thing is going to happen. Developers, entrepreneurs, builders are going to invent new uses for how money works in the internet that we can’t even anticipate.
And so I’m often asked, like, can you predict what’s going to happen? And I say, no, I can’t, because I can’t predict the creativity of eventually hundreds of thousands of builders and entrepreneurs. And so we really get excited about that idea and what might emerge from that.
AUTHOR COMMENTARY
I personally question just how widely adopted stablecoins will be, especially USDC, considering that the world is de-dollarizing at breakneck speed. But that is not why I wanted to report on this. I wanted to highlight and reiterate the fact that the world is going cashless and “frictionless” very fast.
And that’s the key word: “frictionless.” It’s not just the elimination of cash, but the transition away from using cards and other tangible forms of transaction, even if the money is digital.
In early January 2021, I wrote a report called “The REAL Reason Sweden Did Not Lockdown,” and in it I discussed how Sweden was way ahead of other nations when it came to a digital economy and biometrics, hence why its citizens did not have to undergo rapid brainwashing: they had already voluntarily accepted this transition. In that report, I also covered how international media was claiming that even credit cards could be harbingers for Covid for weeks, and so therefore contactless and frictionless payment methods were needed, they claimed:
So, if anything, in my opinion (and I could be wrong), stablecoins are more or less a stopgap measure to get the masses used to the idea of new forms of digital, tokenized money on a blockchain, in conjunction with digital wallets and IDs. Eventually it will go full-bore CBDCs, if not even much sooner, as Allaire and the WEF did not explicitly mention them, but the general premise is still very much there.
UPDATE: While Americans are being distracted by the Epstein meltdown, the U.S. has passed laws to integrate stablecoins into our economy, which are effectively CBDCs, the difference being that the stablecoins are held by private third-party entities as custodians, but otherwise they are the same thing. I will be talking more about this very soon, so stay tuned… I talked about stablecoins and Trump’s quiet, indirect methods of ushering in a CBDC here:
All of this is moving us closer to the eventual “final solution:” the mark of the beast.
Revelation 13:16 And he causeth all, both small and great, rich and poor, free and bond, to receive a mark in their right hand, or in their foreheads: [17] And that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name. [18] Here is wisdom. Let him that hath understanding count the number of the beast: for it is the number of a man; and his number is Six hundred threescore and six.
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[7] Who goeth a warfare any time at his own charges? who planteth a vineyard, and eateth not of the fruit thereof? or who feedeth a flock, and eateth not of the milk of the flock? [8] Say I these things as a man? or saith not the law the same also? [9] For it is written in the law of Moses, Thou shalt not muzzle the mouth of the ox that treadeth out the corn. Doth God take care for oxen? [10] Or saith he it altogether for our sakes? For our sakes, no doubt, this is written: that he that ploweth should plow in hope; and that he that thresheth in hope should be partaker of his hope. (1 Corinthians 9:7-10).
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Well my family will fall for it. I've been warning them for years that we're going broke, the gov spying on us, weather manipulation, carbon capture pipelines, and the vaccine that isn't. In fact all vaccines. I stopped going to Dr's, for myself, in 2009. Been more alternative then anything since the 70's. They all took the nasty poison. Now I am almost 73 and I didn't fall for the nonsense. Us darn boomers. :)
Sweden. Yes. Also check out the little (Petri dish) country of Liechtenstein