As Circle kept expanding the USDC stablecoin network, they brought inclusion and access to other parts of the globe.
Jeremy Allaire is a long-time heavyweight in the cryptocurrency sector because he founded Circle Internet Financial in 2013. He could have had his most successful year to date in 2023. In the midst of a regulatory maze, Circle is leading the charge to mainstream stablecoins like USDC and expanding access to financial services for people all around the globe.
According to Allaire, who spoke with CoinDesk recently, Circle has released more products and technologies in the last year than in any previous period. Notable among these are the Web3 Services developer platform and the Cross-Chain Transfer Protocol, which improve USDC’s liquidity and interoperability across blockchains. These projects are in line with Circle’s goal of making USDC, the second most traded stablecoin, accessible and secure on all platforms worldwide.
Circle plans to do three things in the next twelve months. As a first step, Allaire aims to enhance the security and usability of USDC so that it may seamlessly integrate into the financial system for a massive user base.
On a second point, he plans to use banking and app relationships to increase distribution and liquidity on a worldwide scale.
With millions of users every day, stablecoins are maybe the most successful invention in crypto. Though USDC is making progress, the offshore powerhouse Tether remains unrivaled, with a market worth of $89 billion, according to CoinMarketCap, compared to USDC’s $25 billion.
Nevertheless, Tether isn’t going anywhere anytime soon. Considering that many analysts expect a new stablecoin law in the US might be approaching in 2024 (assuming any crypto legislation passes through Congress in an election year), Allaire thinks that Circle, situated in the US, is well-positioned for when stablecoins are regulated inside them. With the market anticipated to move towards regulated stablecoins and widespread acceptance, Alliare thinks USDC’s relative transparency, liquidity, and compliance will be an advantage.
According to Allaire, in the not-too-distant future, billions of people will use online banking, necessitating reliable systems that are compatible with more conventional banking systems.
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