Circle CEO says that AI bots are transacting USDC, creating wallets Circle CEO says that AI bots are transacting USDC, creating wallets
Jeremy Allaire said that his firm is "already hearing" about AI applications.
1 min read
Updated: Jul. 11, 2023 at 2:04 am UTC
Eรณin Noonan / MoneyConf / CC BY 2.0 / Wikimedia. Remixed by CryptoSlate
Circle CEO Jeremy Allaire said May 25 that artificial intelligence (AI) bots are engaging with his company’s USDC stablecoin.
AI and blockchain are a match
Allaire wrote on Twitter:
“[Artificial intelligence] and Blockchains are made for each other… We are already hearing about AI Bots spinning up on-chain wallets and using USDC.”
Allaire did not state which groups or individuals are performing these actions but said that the bots are trading USDC. Critics questioned whether such bot-driven transactions represent legitimate trading or wash trading between a small number of bots.
Though Allaire did not elaborate, he also provided broad examples of how AI and blockchain can interact with one another. Responding to earlier comments from Bitwise co-founder and CEO Hunter Horsley, Allaire said that AI can be used in “machine-generated and enforced contracts” and “machine-to-machine value exchange.”
Allaire also suggested that blockchain technology can be used in data provenance, meaning that it can help track the origins and ownership of information.
Horsley noted that generative AI creates a vast amount of content and that the authenticity of content can be verified with blockchain and cryptography.
Other crypto projects are using AI
Other crypto projects are already employing AI. Solana has created a ChatGPT-based tool that allows users and developers to retrieve on-chain data, and Solan’s CEO says that the tool could soon allow users to execute transactions from a โChatGPT loop.โ
Elsewhere, MakerDAO is planning an AI-based community governance system, while exchanges such as Binance and Crypto.com have introduced AI chatbots.
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Mike Dalton
Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada's West Coast.
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In this article
USD Coin (USDC) is a stablecoin fully backed by the US dollar and developed by the CENTRE consortium.
Bitwise
Bitwise Asset Management pioneered the first cryptocurrency index fund and is the leading provider of rules-based exposure to the cryptoasset space..
Circle
Circle Internet Financial Ltd is a global internet finance company, built on blockchain technology and powered by crypto assets.
Jeremy Allaire stands as the founder, chairman, and CEO of Circle, a trailblazing consumer Internet company.