It has been revealed the fact that stablecoins are now still blockchain and crypto’s killer app, according to the new details. Check out the latest on the matter.
Stablecoins are blockchain and crypto’s “killer app”
According to Jeremy Allaire, the CEO of Circle, a clearer regulatory framework will lead to an increase in the adoption of stablecoins by 2024.
In a recent interview with CNBC International TV, Allaire stated that the approval of spot Bitcoin exchange-traded funds (ETFs) in the United States would act as a catalyst for the entire cryptocurrency industry.
Allaire also pointed out that stablecoins have remained stable during the industry’s turbulent times in recent years.
“What I can say about stablecoins and what we’ve seen in the market is really a lot of people were paying attention to a lot of the scandals in this industry, and failures and bankruptcies, but at the same time, we were seeing tremendous progress being made in continued technology development.
And this is a little bit like after the dot com boom and bust – people ignored consumer internet e-commerce, but actually the technology continued to develop, and so we saw that happen last year, and we’ve seen stablecoins in particular remain the killer app of blockchain technology and start to see widening usage all around the world.”
Circle is a company that has issued USDC, which is currently the second-largest stablecoin by market capitalization.
Last week, the company announced that it had submitted a draft registration statement to the U.S. Securities and Exchange Commission (SEC) regarding a proposed initial public offering (IPO) of its equity securities.
Speaking of SEC, a couple of days ago, we revealed the fact that the FBI and Homeland Security are investigating the hack that the SEC has recently seen on the social media platform X. Check out our previous article for more details.