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Global economy is about to undergo a major transformation, and it will revolve around her CryptocurrencyAccording to Jeremy Allaire, co-founder and CEO of Circle, a software company that has built one of the best stablecoins in the world. To facilitate this transformation, Circle is creating what Allaire calls “the economic operating system for the Internet.”
“Basically, there are new operating system models emerging all the time. Web is one, mobile is one, cloud is another, AI is another operating system model,” Allaire told WIRED’s editor at large, Steven Levy, onstage at the Big Interview event in San Francisco on Thursday. “And these blockchain networks are economic models of an operating system, at least what we do.”
Circle is best known for USDC, the second-largest stablecoin by market cap, which is currently worth around $78 billion. Unlike most cryptocurrencies, including Bitcoin, stablecoins are designed to have limited price volatility. USDC is backed by the US dollar, which means that if you own one USDC, you can exchange it for $1. Allaire has widely described USDC and stablecoins as a better and faster way to transfer money across borders, and an attractive option for people living in countries with currencies less stable than the US dollar.
But according to Aller, stablecoins are just the beginning. He said the next development in cryptocurrencies is “money as an application platform,” on which a new digital economy will only grow.
The department’s vision for an “economic operating system” is: bracketwhat the company describes as a “trusted and neutral” platform aims to be a platform for a whole range of blockchain-based technologies and, thus, the “foundation” for a “new online financial system.” According to Aller, the transition to this new economic system “will be a big part of what unfolds for the Internet over the next five to 10 years.”
Photo: Annie Noelker