Increased Stablecoin Adoption Expected in 2024, Says Circle CEO
Circle CEO Jeremy Allaire believes that the recent approval of spot Bitcoin exchange-traded funds (ETFs) in the US will drive increased adoption of stablecoins in the crypto sector. In an interview with CNBC International TV, Allaire predicts that regulatory clarity will pave the way for wider usage of stablecoins. Despite turbulence in the crypto space, stablecoins have remained resilient over the past few years.
Allaire compares the situation to the dot-com boom and bust, where despite failures and bankruptcies, technology development continued and saw widespread usage. Circle issues USDC, the second-largest stablecoin by market cap, and recently submitted a draft registration statement for a proposed initial public offering (IPO) to the SEC.
Hot Take: Stablecoins as Blockchain’s “Killer App”
Circle CEO Jeremy Allaire believes that stablecoins are the “killer app” of blockchain technology. Despite scandals and failures in the industry, stablecoins have shown resilience and widening usage around the world. With increased regulatory clarity and the approval of Bitcoin ETFs, Allaire expects stablecoin adoption to grow even further in 2024. Circle’s USDC is currently one of the leading stablecoins by market cap. The company has also submitted a draft registration statement for an IPO to the SEC, indicating its confidence in the future of stablecoin technology.
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