CEO of Circle (Binance Blockchain Week)

Speaking at the current Binance Blockchain Week in Dubai, the CEO of Circle, the second-largest stablecoin issuer, expressed optimism regarding global regulation of the industry.

He also claimed that people would prefer privately issued stablecoins to government-launched CBDCs, which has been evident in China.

Allaire spoke at length about the current regulatory environment in numerous countries and outlined the general positive sentiment of the majority. In fact, he noted that even those who have publicly opposed the industry or sat on the sidelines are actually watching closely what others would do and are willing to follow suit with comprehensive regulation. .

He believes the next 12 months will be crucial for the stablecoin space, which has already grown to roughly $170 billion, with Tether’s USDT and Circle’s USDC accounting for the lion’s share.

However, Allaire noted that this is still a fraction of the global financial space, which is hundreds or even thousands of times larger. This means that the stablecoin industry still has a lot of room for growth.

On the question of whether the majority of the world’s population will prefer central bank digital currencies or stablecoins, Circle’s CEO was adamant that he would opt for the latter.

This is because people prefer privately issued products and the innovation that comes from them, rather than government-backed alternatives.

He gave China as a good example. The world’s most populous nation launched its own CBDC a few years ago, but has yet to see real-world use, according to Allaire. He said people only use it when the government offers free coupons.

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