USDC CEO: We Want to Become a Digital Bank!

Jeremy Allire, CEO of the US-based stablecoin company Circle (USDC), gave an interview to a television channel.

In an interview with CNBC, Jeremy Allire talked about the current state of stablecoins, regulators’ view of stablecoins, and the company’s long-term plans.

Allire has announced that it wants to make Circle a crypto-based digital bank. However, current regulations do not allow this.

“We want to be a crypto bank where customers have deposit accounts, just like traditional banks. However, such a thing is not possible today. New regulations take place, if it is possible for us to become a bank, we would like to apply for a license.”

The CEO stated that since the beginning of the pandemic, stablecoins have become widespread all over the world. This shows the need for the digital dollar.

“Many companies make remittances between the US and Mexico using USDC. The demand for stablecoins is growing rapidly. This demand is not limited to the Americas. Demand is high, especially in Asia and Africa.”

Jeremy Allire recently announced that the banking system they are targeting will be full reserve, not partial, unlike many of them. Partial banking is a banking system in which not all customer deposits are hibernated. If everyone wants to withdraw their money, big problems arise in the banks. In full reserve banking, on the other hand, all customer deposits remain in place.

As stablecoins continue to spread around the world, central banks of states are looking for alternatives to stable cryptocurrencies. Central banks are working hard to produce their own digital currencies.