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Circle’s CEO Jeremy Allaire expressed that the United States should make dollar-indexed digital assets a mass export product. In an interview with CNBC, Allaire emphasized that “fully reserved digital dollars” are essential for maintaining the value of the dollar.
Strengthening the Digital Dollar
Allaire highlighted that, despite the dollar being a reserve currency, many regions globally wish to diminish its status. He stated, “We must primarily focus on the strength and competitiveness of the dollar,” underscoring the importance of digital dollars (stablecoins) in enhancing the economic influence of the U.S.
The CEO noted that the financial situation of the U.S. is “not stable.” He pointed out the significant debts faced by the U.S. and argued that a transparent digital dollar system could help address these challenges.
Regulating Digital Assets
Allaire called for U.S. regulators to clearly define digital assets and determine how they can be bought and sold. He stated, “Digital tokens represent a great innovation in economic incentives. Laws need to be established to define what crypto tokens are, how they will be presented, and how they will be issued.”
Allaire also drew attention to the lack of sound money principles in the current monetary system and their adverse effects on the global economy. He noted the significant debt burdens faced by governments worldwide and the absence of resilient monetary policies.
The U.S. digital currency policies and economic strategies have the potential to significantly impact global financial balances. The development and widespread adoption of digital dollars could be critical for both the U.S. economy and financial stability worldwide.
The digital dollar strategy aims to strengthen the U.S. role in the global economy while maintaining the stability of the dollar. When combined with the regulation of digital assets and fiscal discipline, this strategy could have positive effects on the economic future of the U.S.
