Aug 8 • 57M

The Internet of Money with Dante Disparte

The Hale Report - Episode 33

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Dante Disparte, Chief Strategy Officer & Head of Global Policy, Circle

Dear Readers,

In 1949 the Japanese government, determined to stabilize its currency, set a rate of 360 yen to the US dollar. This was not the result of economic calculation of its exchange value, but instead, culture. The word yen derives from the character for round, as in a coin, and a circle has 360 degrees. The yen remained at that exchange rate until 1971, when the end of the Bretton Woods system broke all of that apart.

It is my belief that we are seeing the birth of a new financial architecture, the Internet of money, that goes far beyond the usual discussions of the price volatility of cryptocurrencies. One of the organizations at the forefront of building this new architecture is called, appropriately, Circle. The company supplies payments & treasury infrastructure for the Internet utilizing a digital dollar called USDC, connecting traditional payment systems and blockchain technology.

My guest for the 33rd episode of the Hale Report is Chief Strategy Officer and Head of Global Policy for Circle, Dante Alighieri Disparte. He is also aptly named, an excellent writer and an eloquent speaker on a range of topics from risk managment to the future of money. I heard him ask a very smart question at an event at the Council on Foreign Relations, and decided to ask him to be a guest on this podcast. I promise that you will not be disappointed; we had an engrossing conversation.

Disparte says he is neither a crypto utopian nor a crypto anarchist, but a pragmatist who believes that regulatory guardrails need to be in place, and that the future will incorporate both the old and the new.

In 2050, you will have banks, you will still have banking, you will still have the dollar, but you will also have these important companion innovations that recognize that all of that trust must also live at a device-centric level, empowered by open software and open technology that’s additive.

Before joining Circle, Disparte was executive vice chair at Facebook’s cryptocurrency project Diem, formerly Libra. A Harvard Business School grad, he also served on the National Advisory Council for FEMA. His take on preventing the next pandemic: we need to have financial resources in place now, instead of scrambling for ad hoc funding when the inevitable occurs.

Taking lessons from Covid, he believes that delivery systems for financial relief need to be fast, inclusive, and digital. His committment to creating resiliency and inclusivity is personal. He grew up in Puerto Rico, the first member of his family to graduate from high school or college.

One thing Disparte does not believe in are central bank digital currencies (CBDC’s) -just one of the many topics we discuss in this special episode of the Hale Report. We’ve provided a selection of Dante’s writing and comments below, but you can find more at his personal website, dantedisparte.com

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August 10, 2022 / Forbes

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August 3, 2022 / The Scoop

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July 25, 2022 / Real Clear Markets

Why Congress Must Act On Stablecoin Legislation
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How responsible dollar digital currency innovations (aka payment stablecoins) are nationally regulated is the cornerstone of stability in the otherwise volatile, but vital blockchain finance market.

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July 11, 2022 / Geopolitical Intelligence Services

Borderless money in a hot, flat and crowded world
Countries are beginning to realize that they can benefit from more inclusive forms of device-centric money, payments and financial services.

July 7, 2022 / Project Syndicate

Yes, Crypto Still Matters
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Large, bureaucratic, highly regulated industries like banking and finance generally do not evolve with the pace of technological innovation unless they are confronted with a new competitive challenge. “Crypto winter” or not, blockchain continues to represent precisely such a transformative force.

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I remember the days when my clients were deciding whether or not to compete in global markets, and later, whether or not to participate in the Internet. Pretty soon, every major corporation will have to have a strategy for the Internet of money, both to minimize risks and reach more customers worldwide. Luckily, some of the smartest minds, and the smart money are working on this.

Lyric Hughes Hale
Editor-in-Chief
EconVue
Chicago
lyric@econvue.com
Twitter: @lyrichues
@HaleReport