What makes an economy run? Economists cite the traditional factors of production, including land, labor, capital, and entrepreneurship. Policymakers might point to interest rates and regulations. Critics of capitalism believe it runs on greed.
In truth, a healthy economy runs on trust. Every transaction depends on it. To invest money is to trust in the future. To spend it is to trust in a good or service. To send it requires trust in the transmission.
All economic activity requires trust in money itself. Is it accessible? Secure? Mobile? Will it hold its value?
These are fundamental questions that deserve rock-solid answers.
At Circle, we’ve spent a lot of time thinking about trust. We’re building an emerging internet financial system based on it. So we’re energized to take part in this year’s World Economic Forum (WEF) meeting in Davos, Switzerland, Jan. 15-19. Its theme? “Rebuilding Trust.”
For us, this effort begins by being open about who we are, what we do, how we do it, and why we do it. It’s embedded in our programming, emblazoned on the walls of our Promenade storefront, and enshrined in our values.
But being open means something more. Open money is not just about transparency. It’s a technology vision that’s inherently inclusive, interoperable, and seamless. As Circle Co-Founder, Chairman, and CEO Jeremy Allaire writes in our new report, State of the USDC Economy:
Open money is a big idea, comprising economic, technical, and philosophical principles rooted in the internet’s design of openness and interoperability. By bringing the marginal cost of data dissemination to zero, the web made the sum of human knowledge accessible to all. By making it easy for developers and creators to build, it enabled a rich ecosystem of sites and apps.
Yet the project of the internet remains incomplete, because even though data moves around the world securely, instantly, and for free, the monetary superhighway on the internet is still being paved.
Everything we do today is focused on building and accelerating this internet financial system.
At Davos 2024, Circle’s team is sharing proof points of this system:
- As part of WEF’s official program, Jeremy Allaire will share insights about the tenets of tokenization.
- At the Imagination in Action event, COO Elisabeth Carpenter will discuss financial inclusion and opportunity.
- At a Politico roundtable, Chief Strategy Officer and Head of Global Policy Dante Disparte will discuss blockchain as a catalyst for financial access.
- Circle’s Chief Economist Gordon Liao will join Chief Legal Officer and Head of Corporate Affairs Heath Tarbert to discuss the evolution of money with renowned historian Niall Ferguson.
- At Circle’s Promenade HQ, we’ll be hosting conversations throughout the week to explore how open money can upgrade the future of payments, aid, and finance.
- We’re also honored to be the lead host for this year’s Pride on the Promenade.
In between these signature moments, Circle’s team will be hosting dozens of conversations with leading companies from around the world to discuss how, together, we can accelerate a trusted internet financial system that delivers value for billions of people, millions of businesses, and developers everywhere.
