Circle CEO Jeremy Allaire believes that regulatory clarity is the most important factor that will pave the way for increased use of stablecoins in the cryptocurrency market in 2024. In a new interview with CNBC International TV, Allaire predicts that the recently approved Bitcoin ETFs in the US will act as the “tide that lifts all boats” in the crypto sector.
Second Largest Stablecoin by Market Cap
Circle CEO says stablecoins have remained resilient despite crypto market volatility over the past few years:
“What I can say about stablecoins and what we are seeing in the market is that a lot of people were focusing on the many scandals, failures and bankruptcies in this industry, but we were also seeing tremendous progress in the continued development of the technology. This is a bit like the situation after the internet boom and bust. People ignored the consumer internet and e-commerce, but technology continued to improve and we saw the same thing happen last year. "We especially see that stablecoins are the most important application of blockchain technology and their use is increasing worldwide."
Circle issues USDC, the second largest stablecoin by market cap. The company announced last week that it had filed a draft registration statement regarding its initial public offering (IPO) offering with the Securities and Exchange Commission (SEC).