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Friday, June 13, 2025
Circle CEO Jeremy Allaire Says Crypto Use Cases Still Remain Strong Following FTX Debacle
The CEO of USD Coin (USDC) issuer Circle says the concept of a cryptocurrency that offers more transparency than traditional finance remains valid amid the current industry debacle.
new interview At Yahoo Finance Live, Jeremy Allaire said that blockchain-based decentralized systems coming out of the 2008 financial crisis continue their use cases.
The problem is that centralized entities dominate the crypto space.
The irony here is that some of the largest financial institutions built in the crypto space are highly centralized and opaque. say, most of them focus on creating a platform for speculators and a platform that is basically focused on people speculating on digital tokens, so the promise of this technology There is certainly no
The CEO’s statement comes days after one of the industry’s largest centralized exchanges filed for bankruptcy following a surge in deposits. The fall of FTX marks the latest blow to crypto in a market that has already suffered huge losses as a result of the bear market.
Allaire says cryptocurrency has become a largely speculative industry and it’s time to move forward.
More than ever, it underscores the need to focus on pivoting away from the speculative value stage of cryptocurrencies, which has produced spectacular gains, but also spectacular failures and losses. And then we move to the very important and important utility-value stage, which is based on the fundamental fixed philosophy of building a transparent and auditable public financial infrastructure on top of these blockchains. .”
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Featured Image: Shutterstock/Nafees Zia
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