The Role of Stablecoins with Jeremy Allaire - WBD216
The Peter McCormack Show
Peter McCormack
4.7 • 2.8K Ratings
🗓️ 24 April 2020
⏱️ 86 minutes
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Summary
Location: Zoom Date: Friday, 10th April Project: Circle Role: CEO & Founder
By complementing Bitcoin trading, and making it easy to send digital dollars around the world, stablecoins continue to grow in popularity.
Commercial banks operate on a fractional basis, holding only a small % of deposits. During challenging economic times, this can lead to what is known as a run on the bank, where depositors attempt to withdraw their funds.
Unlike fractionally reserved banks, some stablecoins claim to be fully backed, meaning (for example) that for every 1 USDC, GUSD or USDT, the company claims they hold an equivalent $1. Stablecoins come with their risks and trade-offs, from the risk of being hacked to platform dependency.
In a time of economic uncertainty, do stablecoins offer a better saving solution than our banks? And what are the pros and cons of self custody vs the high-interest rate savings accounts?
In this interview, I talk to Jeremy Allaire, the CEO & Founder of Circle, the company behind the USDC stablecoin. We discuss the use case for stablecoins, the benefit of being fully backed rather and the impact on the economy from coronavirus.
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Transcript
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| 0:00.0 | The global economy is a perpetual motion machine and you know what's happening right now |
| 0:06.3 | has just never happened in the history of the world which is you effectively stopped the machine. |
| 0:15.0 | Hello there from lockdown in the Bitcoin capital of the world of Bedford. |
| 0:19.0 | How are you all? |
| 0:20.0 | Welcome to the What Bitcoin did podcast, which is brought to you by Krakhan, the best place to buy itself and trade Bitcoin. |
| 0:26.0 | I'm your host Peter McCormack and today I've got an interview with Jeremy Allaire, the CEO and founder of Circle, the company behind the US DC Stable Point. But before that, I have a message from my show sponsors. So we have two shows to go for Coin Tracker. |
| 0:40.0 | Let's give them a boost. Let's give them a big kick before this all ends. As I've said in |
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| 0:50.7 | were saying, what are you doing working with a tax company and I get it I don't |
| 0:54.5 | want to pay tax do you want to pay tax of course you don't but it comes with consequences |
| 0:58.8 | you can face court you can face jail so I do pay my taxes sadly I wish I didn't but I do have to pay my |
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| 1:37.0 | Also, let's talk about Sports Bet. |
| 1:39.6 | I-O, my newest sponsor, and a massive thanks to them so far. Massive thanks to them |
... |
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