The eternal discussion of a cashless society is an absolute all time favorite which is also discussed in the crypto scene hot. Circle’s CEO, reiterated in an Interview to CNBC that, in his opinion, all Fiat currencies by crypto-currencies could be replaced, and thus the move to a cashless society.
Jeremy Allaire, the current CEO of Circle, a Goldman Sachs-based Startup that, among other things, the crypto-currency exchange Poloniex has purchased, in an Interview to CNBC that, in his opinion, all Fiat currencies are crypto currencies replaced (freely translated):
In our view, all Fiat will be currencies currencies, digital and Crypto. It seems at the moment inevitable.
According to the statements of Allaire, it will be in the future is inevitable, that society progresses in a cashless future. Any Fiat currency is to be mapped on a Blockchain, regardless of whether it is the American Dollar or the British pound.
Circle has announced aspirations to bring a further “Stablecoin” to the market, the “USD Coin”, which is linked to the value of a Dollar. To implement this project, has Circle collected in a recent financing round of more than $ 110 million.
The goal is to accelerate transactions with Dollars by using the Blockchain technology, which maintains a continuously growing digital transaction record maintained and the volatility of most of the crypto is reduced currencies.
The Token is to be created on an Open Source platform with the name “Center” to be supported by other Big players such as large financial institutions. According to Allaire, the USD Coin is supposed to connect to the financial processes of the old world with the new block chain technology and its advantages and potentials.
Allaire wants to create through the use of stable coins a new infrastructure for the current financial system. He wants to krieren in addition, other tokens that are tied to the Euro or the British pound (freely translated):
Our focus with Fiat Stablecoins is that we see it really as a core building block for a crypto-native global digital economy. Our interest is, we assume all tasks in the Finance industry and this on a crypto-native infrastructure to relocate.
The project is still in its infancy, but the development shows quite clearly that the cash will, in the longer term through the use of digital currencies replaced.
The USD Coin is next to Tether, and the increasingly popular TrueUSD Coin another Stablecoin must say first of all on the market. On the basis of the allegations of manipulation of the Tether stable coins are in a very bad light in the crypto market.
It remains to be seen how quickly the project is progressing and what further developments to observe for in this Segment.