This chapter delves into the current landscape of electronic money, emphasizing the dominance of privately issued electronic money by commercial banks and the necessity of full reserve money for safety on an Internet scale. It explores how DeFi and on-chain technologies can revolutionize credit delivery systems, discussing the role of AI in credit decision-making. Additionally, the conversation touches on central bank digital currencies, stablecoins, regulatory concerns, and the importance of fair rules to support innovation in the financial system.
------ Joining the podcast today we have the man behind the largest US based stablecoin, Jeremy Allaire, the Founder of USDC Circle.
A year ago USDC depegged in the face of major banks like SVB and Silvergate collapsing. How did Jeremy deal with that? What year is crypto in internet years? Why don’t we have a venmo for crypto yet? Fast forward to 2030, what’s the total value of stablecoins?
0:00 Intro 5:47 SVB Crisis Reflections 24:00 Crypto Age in Internet Terms 31:15 The Future of Stablecoins 41:42 The Crypto Venmo 56:18 Blackrock’s BUIDL Fund 1:01:44 US Government 1:16:35 USDC vs Tether 1:22:00 Central Bank Stablecoins 1:28:14 Regulatory Protectionism 1:32:25 Closing Thoughts