Fiat Tokenization Revealed to be Developed by Circle CEO

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The CEO of the blockchain crypto-inclusive money transfer company Circle Jeremy Allaire, revealed that for quite a while now, the company has held a large reserve of the most used fiat currencies that they thought would eventually get tokenized.

While interviewed on the Global Coin Research podcast, Allaire stated that Circle has prepared for this eventual turn of events for quite a while now. He said that the company’s main goal has always been to work with cryptocurrencies:

“When we started the company back in 2013, we believed that there would be significant non-sovereign digital currencies that would rapidly grow in usage.

A growing number of people would find use for digital currencies for various different reasons and Bitcoin will be in the center of that. We have also believed however, that the world’s major reserve currencies, the currencies make up the vast majority of the world’s trading, would eventually evolve into digital currencies themselves.”

Fiat tokenization is inevitable

Allaire also seems to believe that even if the world doesn’t quickly transition towards digital fiat, there is still improvement and the world is slowly pushing towards a universal system of cheap and almost instant monetary transactions via fiat money.

He believes that it’s not important which countries first decide to move towards digital fiat. The change will be radical and will reshape everything from the simple payment systems to the monetary system and worldwide economic interactions.

Allaire goes on to say that digital currencies will not simply be tokenized via blockchain. His prediction envisions that global money tokens that are backed by loads of reserve currencies will pop up and become the money model of the future.

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