The demand for safe, fast, secure digital dollars is accelerating. If the dollar is going to remain the world’s reserve currency, then we need to build trust in digital dollars. That means we need to put in the right regulation so people can trust this new evolution of currency. It won’t happen overnight, but it starts with the payment stablecoin bill in Congress.
Circle CEO Jeremy Allaire shares a message about why now is the time for payment stablecoin regulation.
📄 Transcript:
"What does a cup of coffee have to do
with the future of the global economy? It's hard to imagine today, in the future digital currencies will fundamentally
change the way we pay for things, whether I'm buying a cup of coffee
or shipping goods around the world.
If you think back to 1998
with dial up Internet, could we imagine that in ten years we'd have
instant access to all of the world's knowledge? Or ten years after that, that there'd be billions
of broadband connected smartphones with AI's mediating real time human translation,
enabling rich media and communications, coordinating human commerce
with extraordinary velocity? And yet today, to send money,
whether across the table or across the planet, takes days. And there are often high fees which amount to a nearly trillion
dollar tax on the global economy impacting mom and pop shops like this one as well as the largest
businesses in the world.
In the next ten years, digital currencies
will transform the global economic system as they become usable by billions of people
to safely and seamlessly transfer money to anyone with a phone, for fractions
of a penny, instantly anywhere in the world.
The strength of the dollar translates
to value for American families. The faster that money can move in the world the more economic growth that can happen. But in today's global economy, the dollar's position of
strength is under threat. Competition for what money gets used on
the Internet is increasing.
The real question is whether global
commerce will happen in digital dollars or digital euros or yuan. And the United States has a choice to make. Does it want dollars to be the foundation
of currency on the internet? Or do we want to let
other countries lead the way? If there's one thing that's certain it's that we always underestimate the ultimate impact of technology.
If the dollar is to remain
the world's reserve currency, if America is to lead the world economy
for the next ten years and beyond, then we need to build trust in digital
dollars and regulate stablecoins today."
👉 See more Executive Insights: www.circle.com/executiveinsights
👉 Learn about policy perspectives: www.circle.com/en/policy-hub
🎙 Hear more from Jeremy Allaire in The Money Movement, a series exploring the ideas driving the new world of digital money: www.circle.com/en/the-money-m...