Circle CEO Jeremy Allaire believes that the US government should adopt programmable digital dollars (stablecoins) and smart contracts. He shared his views on X after business tycoon Elon Musk accused career Treasury officials of approving fraudulent payments or payments that do not comply with the funding laws passed by Congress.
Circe CEO Pitches Stablecoins for US Treasury Funds’ Transparency
Elon Musk, who also heads the Department of Government Efficiency (DOGE), made allegations about discrepancies among Treasury officials in handling government funds, sparking widespread discussion among netizens. As a result, renowned X journalist Mario Nawfal weighed in, suggesting that the Treasury should be put on the blockchain to prevent such discrepancies. Musk, too, agreed with this recommendation.
Venture capitalist and author of Cryptoassets, Chris Burniske also commented on the matter, stating, “There’s work to do to get there, but it doesn’t get much more systemic to a nation-state for a piece of infrastructure than this.”
Amid the ongoing debate, Jeremy Allaire reinforced the need for a programmable digital dollar and smart contracts to ensure transparency in government funding. His suggestion comes at a crucial time, especially after former President Donald Trump signed executive orders banning Central Bank Digital Currencies (CBDCs) to promote dollar-pegged stablecoins.
The US Govt needs programmable digital dollars and smart contracts https://t.co/Wy0mmD3Bu5
— Jeremy Allaire – jda.eth / jdallaire.sol (@jerallaire) February 6, 2025
It is worth noting that Circle’s USDC and Tether’s USDT are two of the most prominent stablecoins that could address the US Treasury’s funding inefficiencies.
In a separate post, Allaire praised Stripe CEO Patrick Collison and Bridge, which is a payment system built with stablecoins, for their impressive growth.
The push for stablecoin integration is particularly interesting, considering how several crypto veterans including Ripple CEO, Brad Garlinghouse, have advocated for various cryptocurrencies—including Ethereum (ETH), Ripple (XRP), and Solana (SOL)—alongside Bitcoin in the US national stockpile. Regardless, incorporating stablecoins and blockchain technology could be a game-changer for government funding operations.
Also Read: Hong Kong Urged to Accelerate Bitcoin Strategy & Stablecoin Adoption