- Circle CEO projects that stablecoins could represent 10% of global economic money within a decade.
- Despite the optimism, the SEC has raised concerns about Circle's disclosures regarding its stablecoin USDC, as the company prepares for its upcoming IPO.
Jeremy Allaire, CEO of Circle, the company behind the stablecoin USDC, recently expressed his strong optimism for cryptocurrencies, especially stablecoins, on X (formerly Twitter).
In his detailed post, he shared his increased confidence in the crypto ecosystem, citing significant innovations such as the creation of Bitcoin. Allaire also emphasized the impact of stablecoins, noting their rapid growth and expanding role in the financial ecosystem.
I’m more bullish than I have ever been about crypto.
— Jeremy Allaire (@jerallaire) June 19, 2024
I have been building @Circle for over 11 years, and at no time have I been more optimistic than right now.
I also believe that the overwhelming majority of people have an extremely narrow and limited understanding of what’s…
In fact, according to Allaire, stablecoins could make up 10% of global economic money within the next decade.
“Most of the world’s largest payments companies are actively using this technology and exploring how to expand their usage as the benefits of public chains and stablecoins become apparent to everyone,” Allaire explained in a June 19 X post.
Additionally, Allaire highlighted that the potential market for digital dollars on blockchains is in the “billions.” He emphasized that this technology could revolutionize banking for the unbanked, reduce remittance costs, and facilitate smooth cross-border transactions.
He also pointed out that stablecoins are gaining acceptance as a form of digital currency and predicted that by the end of 2025, they will comprise a growing share of the world's $100 trillion electronic money market.
Meanwhile, ahead of its initial public offering (IPO), the U.S. Securities and Exchange Commission (SEC) has expressed several concerns regarding stablecoin issuer Circle, particularly regarding insufficient disclosures about its stablecoin USDC, as reported by Barron's on June 18, based on documents accessed through a public records request.
Barron’s, in fact, stated in its report that it has managed to obtain 155 pages of documents detailing communications between the agency and Circle during the company's attempt to go public via a SPAC.
Circle had confidentially submitted a filing for a U.S. IPO in January, aiming to become a publicly traded company. This followed an unsuccessful attempt to go public in 2021 via a special purpose acquisition company (SPAC) merger.
Edited by Harshajit Sarmah
