"To facilitate this transition, Circle is creating what Allaire calls an "economic OS for the internet." "Basically, there are new operating system paradigms that emerge all the time. The web is one, mobile is one, cloud is another, AI is another OS paradigm," Allaire told WIRED's editor at large, Steven Levy, onstage at the Big Interview event in San Francisco on Thursday."
"Circle is best known for USDC, the second-largest stablecoin by market capitalization, which is currently worth around $78 billion. Unlike most cryptocurrencies, including Bitcoin, stablecoins are designed to have limited price fluctuations. USDC is backed by the US dollar, meaning if you own one USDC, you can exchange it for $1. Allaire touted USDC and stablecoins broadly as a better, faster way to transfer money across borders, and an attractive option for people who live in countries with less stable currencies than the US dollar."
Cryptocurrency centered on stablecoins is positioned to drive a major shift in the global economy. Circle built USDC, a USD-backed stablecoin with roughly $78 billion market capitalization, designed to limit price fluctuations and enable one-to-one exchange with the US dollar. Stablecoins enable faster cross-border transfers and offer an alternative in countries with unstable national currencies. The next phase emphasizes "money as an app platform," supporting a digital-only economy. Circle is developing Arc as a neutral, trusted economic OS intended to underpin blockchain-based technologies and form a foundation for a new internet financial system over the next five to ten years.
Read at WIRED
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