Stablecoins To Represent 10% of World Economy in a Decade: Circle CEO
Jeremy Allaire, CEO at the stablecoin issuer Circle, predicts that stablecoins will account for 10% of the global economy over the next 10 years.
In a recent social media post published by Allaire, he shared his optimistic perspective on the evolving cryptocurrency market, highlighting the increasing acceptance and integration of stablecoins in the global financial system.
I’m more bullish than I have ever been about crypto.
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…
— Jeremy Allaire (@jerallaire) June 19, 2024
Internet Technology Advanced by Crypto
Allaire emphasized the rapid advancements in blockchain technology and the growing use of stablecoins for various financial transactions and services, pointing to their potential to significantly impact the economy over the next decade.
“I’m more bullish than I have ever been about crypto,” said Allaire. “I have been building @Circle for over 11 years, and at no time have I been more optimistic than right now.”
He said that the internet has seen a massive wave of open networks, open protocols and open softwares, transforming industries and people’s lives. For Allaire, crypto is “on the cusp of catapulting society and the economy forward in tremendously powerful new ways.”
Without a way to ensure fully trusted data and transactions, the internet’s potential was limited, leading to increased reliance on centralized entities. Crypto offered a solution by providing a decentralized and trustworthy framework.
Stablecoins’ Promising Future in 10 Years
“How far have we come?…Digital assets have become an accepted part of the emerging global financial system, with virtually every major government in the world setting clear rules for how digital assets can be issued, used and traded,” stated Allaire.
Stablecoins have seen rapid growth and widespread use, emerging as a key application of crypto. They facilitate the use of digital dollars globally, contributing to the development of the on-chain economy.
“By the end of 2025, stablecoins will be “legal electronic money” almost everywhere, which sets them up to become a larger and larger portion of the $100T+ market for electronic money,” the CEO predicted.
“What does it look like when 10% of global economic money is stablecoins…?” asked Allaire. He believed that all his envisions would be achieved over the next 10+ years and it is hard now to be optimistic about the crypto economy.
