At a digital chamber of commerce webinar on June 24, leading figures from the cryptocurrency community discussed the growing role of stablecoins.
The long-term vision of stablecoins
One of the guests was JeremyAllaire, the founder of Circle, who is behind the Stabelcoin USDC, which is supported by the US dollar. Regarding the issue of stall coins and how they make payments around the world easier, Allaire compared the possible updates with many relatively new developments that we take for granted:
“We will look back just as we would with long-distance calls, mail, or product sales in catalogs. We will review payments and we do not think we have ever had to pay to send money.”
Walter Hessert von Paxos, whose gold coin is heavily involved in cross-border transactions, He noted that stablecoins will change the game for securities trading: “Will long-term stablecoins play a role in tokenizing and liquidating securities? Absolutely.”
The Digital Dollar Foundation is a group of experts working for an official digital currency from the United States’ central bank. One of the founders of this group, Daniel Gorfine, pointed out during today’s webinar that there is no reason not to conduct such a CBDC:
“Even if you’re skeptical, why don’t you plan the possibility that this could happen? And if you know you can’t just flip a switch in five years, why not start now?”
The changing idea of the dollar
Today’s webinar takes place immediately after accelerated discussions about the digitization of the local currency worldwide, and particularly in the United States.
However, an official CBDC would be far from the first stable coin backed by the US dollar. Allaire noted that the idea is obviously appealing because “the use cases are so broad that they are ultimately like use cases for money. So what could you do with a dollar? It is digital. “
Hessert also noted that fiat dollars are a key area for accelerating global transactions due to their massive international use. In addition: “Dollars are very important today to make this possible. They are on the side of around 80% of transactions worldwide. “