Crypto and fintech conference MoneyConf in Dublin, Ireland continues today, June 13th, with Jeremy Allaire, Co-Founder & CEO of Payments Company Circle speaking of an extraordinary “crypto-revolution.” He even went on to say that global society is “at the beginning of tokenization of everything.”
The Circle CEO envisioned a tokenized global economy and society, where ‘every form of value storage and public record becomes a crypto-token’ with free-floating market value, tradable on global digital exchanges. He stated that blockchain is now transforming “every aspect of finance” and is poised to reinvent public and civil services, much like the early internet revolutionized data and communications.
“Once you have an open global immutable record-keeping system, [a] transaction-processing system and [a] secure computing environment, you can re-conceptualize on a global basis every aspect of finance… corporate and commercial law, the intermediation of contracts, [and] crucially all of the systems we use in [both corporate and civic] decision making.”
Tokenization Can Reshape Global Financial and Governance Systems
With crypto-assets, he said, you can “tokenize your house, car or art,” and set up open global financial associations around any physical property.
The “tokenization of private or public votes in all forms of social governance” would present an unchallengeable system that is more transparent and accountable than existing models.
Allaire stressed on five categories of crypto-assets, starting with privacy-focused cryptocurrencies that take away financial activities from the federal control of governments and give out as “a public good” on the internet.
The Circle CEO then talked about crypto-assets that sustain transaction settlement systems, such as Ripple (XRP) and Stellar (XLM), along with the blockchain-based platforms such as Ethereum (ETH), which he distinguished as “operating systems for the global economy.”
Allaire described fiat-backed stablecoins as the last type of crypto assets, made to represent financial contracts. He emphasized that users apply them in situations requiring a stable price while still seeking the advantages of blockchain, such as decentralization and security. Last month, Circle raised $110 million in a funding round led by mining hardware company Bitmain to help develop a stablecoin backed by the US dollar. This investment increased Circle’s value to nearly $3 billion — about six times more than its worth in 2016.