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Jeremy Allaire, CEO of Circle, the issuer of the stablecoin USDC, said that most internet companies and brands will begin integrating Web3 into their services.
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\n\”Now we see that Web3 is ready to become mainstream. We are going through the phase of connecting to broadband, with scalability, usability and security; everything is getting significantly better,\” he wrote.
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Allaire believes that most fintech startups, payments companies and financial institutions will use Web3 for tokenization, payments and applications.
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According to Circle’s CEO, stablecoins and crypto wallets are at an early stage. To develop these segments of the industry, more Web3 applications and services are needed, he added.
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\n\”For this, we need significantly more developers who can build Web3 applications. There are 100 million developers today, of whom only 500,000 are active Web3 developers — that’s 0.5%.\” he noted.
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To this end Circle launched a programmable-wallet service, which will help Web 2.0 developers port the Web3 wallet experience to their iOS and Android apps.
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Earlier, Allaire warned that the US dollar’s status as the world reserve currency could be at risk if Congress does not advance passage of a stablecoins bill.
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Circle says it has a $1 billion safety cushion to weather competition in the stablecoins market.
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Since the start of the year, USDC’s market capitalisation has fallen from $44.5 billion to $26.2 billion. The main rival—USDT from Tether—has risen to $83.4 billion.