The chief executive of stablecoin issuer Circle says that dollar-pegged digital assets should become a mass export product of the United States.
In a new interview on CNBC Television, Circle CEO Jeremy Allaire says that the US should promote “full reserve digital dollars” as a means of preserving the value of the US dollar.
Allaire also says the US’ fiscal situation is “not in order” – something that could also be aided by a transparent digital dollar system.
“First and foremost, we have to focus on the strength and competitiveness of the dollar first. We have a situation in the world where while the dollar is the reserve currency, there are lots and lots of places in the world that don’t want the dollar to be that currency.
So first we need full reserve digital dollars, like stablecoins to become a mass export product of the United States and if there’s going to be a major currency of the internet, make sure it’s a digital dollar…
The fundamental issue that we have here is a sound money issue. We don’t have sound money principles embedded in our monetary system right now. Virtually every government in the world is – I won’t say they are all bankrupt – but they are in massive debt.
The United States has an enormous amount of debt, its fiscal house is not in order.”
The CEO calls upon US regulators to clearly define what digital assets are, how they can be bought and sold, and how they can be used.
“The big thing is we need statutes that define what these different types of digital assets are. Digital tokens are a huge innovation and they are an innovation in economic incentives and others.
We need laws that say here is what a digital token is, here is how you offer one, here is how you distribute it and users can use it, whether it’s a game or whatever it is.”
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