In a webinar held on June 24 by the Digital Chamber of Commerce, leading figures from the cryptomint community spoke about the growing role of stablecoins.
The long-term vision of the stablecoins
One of the guests was JeremyAllaire, the founder of Circle, who is behind the USDC stabelcoin, which is backed by the US dollar. On the subject of stablecoins and how they simplify payments around the world, Allaire compared possible updates to many relatively recent developments that we take for granted:
„We’ll look back the same way we do when we look at long distance calls, postal mail or catalog sales, and we’ll look at payments and not believe that we ever had to pay to send money.“
Walter Hessert of Paxos, whose gold-backed stablecoin is heavily involved in cross-border deals, said stablecoins will change the game for securities trading: „Will stablecoins in the long run play a role in tokenization and securities settlement? Absolutely.“
Experts to Discuss Regulatory Updates on Exchanges in Colombia
The Digital Dollar Foundation is a group of experts working to move toward an official digital currency of the U.S. central bank. One of the founders of this group, Daniel Gorfine, said during today’s webinar that there was no reason not to move forward with such a CBDC:
„Even if you’re skeptical, why don’t you plan for the possibility that this could happen? And knowing that you can’t just flip a switch in five years, why not start now?
The changing idea about the dollar
Today’s webinar comes on the heels of accelerated talks on the digitization of the national currency, globally and especially in the United States.
Australian watchdog warns of rise in crypt scams during Coronavirus pandemic
However, an official CBDC would be far from the first stablecoin backed by the US dollar. Allaire noted that the idea is obviously attractive because „use cases are so broad, they are ultimately like use cases for money. So what could you do with a dollar? That’s digital.“
Hessert also pointed out that fiduciary dollars are a privileged area for accelerating global transactions, given their massive international use, noting that: „Today, dollars are really critical in allowing this to happen. They are on the side of approximately 80% of transactions worldwide.“