Circle CEO Jeremy Allaire Says Company Intends To Become Full Reserve Digital Currency Bank

The CEO of USDC issuer Circle has said the company is on the road to being regulated like a bank.

new interview Jeremy Allaire told host Kate Rooney on CNBC that the Circle intends to be a crypto bank that keeps every customer’s deposit available for withdrawal.

We want to be a bank that fully reserves digital currency. We want a framework to exist for that. I think… I think the world needs a complete reserve banking system, we think the world needs a more secure base layer money and that’s stablecoins. If that comes down to what the Federal Reserve says it supervised and we say we’re chartered like that and run and have the amount of supervision that comes with that absolutely that’s what we do .

Full reserve banking systems are an alternative to partial reserve banking, which is the more common system in which banks keep only a portion of depositors’ funds on hand.

Allaire’s revelations about Circle’s long-term plans came when the CEO said he was witnessing a surge in demand for the digital dollar around the world.

“We’re definitely seeing demand around the world. This actually started right around the time the pandemic hit, even at a time when the USDC started to see a lot of growth, such as really dramatic growth. Demand for digital dollars is highly global.

I met with a very fast growing Latin American company this morning. They were founded in Argentina. They build products that help companies move funds within Latin America, within their own operations, and internationally, and USDC is a core part of it, and it’s profound

There are other companies in markets like Mexico who are using USDC to make billions of dollars or more of remittance transactions faster between the United States and Mexico. [and] Cheaper in a historically predatory environment

Demand is seen in Africa, Asia and many parts of the world.

Me

Don’t miss a beat subscribe to get encrypted email alerts delivered straight to your inbox

Price action confirmation

Please follow us twitter, Facebook When telegram

Surf The Daily Hodl Mix

Check out the latest news headlines

&nbsp

Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should exercise caution before making risky investments in Bitcoin, cryptocurrencies or digital assets. Please note that your money transfers and transactions are made at your own risk and you are responsible for any losses you may incur. The Daily Hodl does not endorse the buying or selling of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Natalia Siiatovskai/Tithi Luadthong