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With the first-ever White House crypto summit taking place later this week, investors are watching for any direction on what a cryptocurrency reserve entails.
The chairman, CEO and co-founder of Circle – a financial technology company that manages stablecoin USD Coin (USDC) – is confident that the future of digital currency will be used as a “superpower” with “profound” impact.
“This is a technology superpower dollar that expands the role of the United States around the world,” Jeremy Allaire said on “Mornings with Maria,” Tuesday.
“We’ve digitized everything: digital media, digital communications, software information and all of those digitizations allowed information and communications to kind of move globally, freely,” he continued.
“We haven’t had that with money. Digital currency gives us a way to do that with money, and the implications for the United States and for small businesses and households are profound.”
Circle’s fully-backed digital dollar was built with global markets in mind and made redeemable 1:1 for U.S. dollars. After launching more than six years ago, its CEO claims there’s been impressive growth and stability.
“I like to call it America’s first digital dollar,” Allaire said. “Over the last 12 months, it’s had 100% growth. The amount of transactions happening with it on the internet is in the trillions of dollars, including over $1 trillion a month.”
He explained how it’s held in the U.S. financial system, supported by Treasury bills, repo and cash, as well as firms like BlackRock and the Bank of New York Mellon.
“That gives us its price stability. But it has all of the technology utility that the internet brings, which is the ability to move money instantly, inexpensively. And that has benefits for small business, for households and obviously for the financial world more broadly,” Allaire explained.
President Donald Trump will host a crypto event on Friday that will include “prominent founders, CEOs, and investors from the crypto industry, as well as members of the president’s Working Group on Digital Assets,” according to the White House.
The crypto summit will take place after Trump signed an executive order in January to establish a crypto-working group, which consists of officials from various federal agencies to advise the White House on policy surrounding digital assets.
“This allows the U.S. to project and export digital dollars all around the world. We’re in a competitive race with China,” Circle’s CEO said. “We’re trying to find what economic system is going to win, what currency system is going to win.”
FOX Business’ Landon Mion contributed to this report.
