USDC issuer exec believes crypto still strong despite FTX debacle


The CEO of Circle said that cryptocurrencies are still strong in terms of use cases in the payment system with the use of blockchain technology on top networks.

USDC is the second biggest stablecoin in the crypto sector, just after USDT (Tether). The circle is the back-end company behind USDC, which always promises to remain transparent to the USDC users with the proper management of the backend reserved funds. 

Recently Jeremy Allaire, CEO of Circle, appeared in an interview with Yahoo Finance. In the interview, he talked about the FTX collapse & degrading interest of the crypto investors in this innovative sector. 

Jeremy noted that many crypto companies are taking advantage of their big centralised power and because of the absence of restricted regulatory policies they operate backend operations without informing the customers. 

Further, the Circle CEO said that such centralised companies are working to make the crypto ecosystem more likely speculation based environment, which is not part of this innovative sector.

According to Jeremy, people are considering cryptocurrencies as a speculative sector but now we have to change it to something better, where people can see the actual utility & potential of the crypto sector. 

Jeremy further added:

“(We need to) move on to the utility value phase, which is so critical and which builds on that fundamental-anchored philosophy around building a public transparent and auditable financial infrastructure on top of these blockchains.”

In this way, the Circle CEO indirectly criticised the FTX exchange, which misused centralised power to deceive customers. In the present time, the majority of the crypto leaders are trying to initiate an investigation against the bankrupt exchange FTX & its back-end team. Reportedly FTX officials were in ties with some government officials, which were helping FTX to work independently without any legal hurdle.

Read also: US financial regulators are on the radar over the FTX collapse