Circle CEO Jeremy Allaire, Circle President Sean Neville and Bitmain founder Jihan Wu announced the launch of a Circle backed USD token at Consensus 2018
Allaire stated that it is possible to ‘hybridise’ existing networks with blockchains. Laying them over a ‘public infrastructure’ of the blockchain, private assets can be given virtual value.
Neville explained that Circle aimed to reimagine the future of finance and are ‘just beginning’ an adventure, reiterating that money can be tokenised, and operate just how virtual tokens operate. Allaire pointed out that smart contracts can also be collateralised with fiat but tokenised fiat currency is needed.
Wu stated Bitmain shared the vision of Circle of modernising the marketplace by removing costs of financial transactions. If we can stabilize tokens, then conversion costs can be reduced. He believed that a virtual economy independent of central controls will arise in the future.
Allaire then announced that Circle will be releasing a US dollar coin to trade online. Eventually they aim to create a system which allows the conversion of any fiat currency into tokens. He pointed out that lot of Circle’s investors are in Asia for example- and Asia is the ‘centre of the crypto universe’ and it is really ‘driving this market’. This included Bitmain which had lead the latest investment round of 110 million USD into Circle.