Circle CEO's Latest Interview: Stablecoins Are Not Cryptocurrency Assets

Title: Circle CEO’s Latest Interview: Stablecoins Are Not Cryptocurrency Assets

Author: Rhythm BlockBeats

Source:

Reprinted from: Mars Finance

Editor’s Note: In 2025, stablecoin issuer Circle completes its IPO, becoming one of the most watched publicly listed cases in the crypto industry in recent years. As the issuer of USDC, Circle is trying to shift stablecoins from being merely trading tools in the crypto market to becoming a digital dollar infrastructure that can circulate across the internet.

In the latest episode of “The David Rubenstein Show: Peer to Peer Conversations,” Circle co-founder, CEO, and Chairman Jeremy Allaire discusses with host David Rubenstein, reflecting on the company’s long journey from founding in 2013 to successful listing, and sharing his views on the future role of stablecoins.

The interview not only explores whether stablecoins could transform the traditional banking system but also extends to Allaire’s personal internet entrepreneurship experience, as well as his perspectives on artificial intelligence, quantum computing, and future internet financial platforms. He believes that the development of stablecoins is still in its early stages, with their true potential lying in building a “currency infrastructure” similar to internet protocols, enabling digital dollars to circulate more efficiently across global networks.

Centered around this vision, the discussion further delves into the real-world applications of stablecoins in cross-border payments, AI’s potential impact on the labor market, and the security challenges quantum computing may pose to finance. Allaire predicts that in the next decade, a number of financial platform companies built on open internet principles will emerge, with Circle aiming to be a key player among them.

Below is the full translation:

Long-term Focus: Why Circle Is a “20-Year Company”

David (Host): One of the most successful IPOs in 2025 is Circle’s listing. Circle is a regulated stablecoin network. The company was founded by Jeremy Allaire. Recently, I had the chance to sit down with Jeremy to discuss what a stablecoin network is and why it might represent the future of banking.

Today, the company’s valuation is about $20 billion, and you hold roughly 10% of the shares, right?

Jeremy Allaire: About that.

David (Host): You must be pretty happy now.

Jeremy Allaire: I’ve been working for this company for over 12 and a half years. It’s been a very long journey, and for a long time, almost no one believed we could reach this scale. So I’m really proud of what we’ve built.

But I want to say that from our vision of the future, Circle is still a very early-stage company. The IPO is just a milestone. What excites me most is that, now that we’re a public company, the public can participate in the company’s long-term development. Plus, the legal frameworks regulating stablecoins have only recently been passed and are not yet fully implemented. So, from a long-term perspective, we are still in the very early stages.

That’s what keeps me motivated to keep moving forward.

Embedding the Dollar into the Internet: The True Goal of Stablecoins

Initial Concept: Turning the Dollar into an “Internet Protocol”

David (Host): When did you found Circle?

Jeremy Allaire: In 2013.

David (Host): Who were your initial investors?

Jeremy Allaire: The earliest investors included General Catalyst, Jim Breyer (Breyer Capital), and Accel. They were the first to support us.

David (Host): Did people understand what stablecoins were back then?

Jeremy Allaire: Actually, the concept of “stablecoins” didn’t exist yet. But our idea was this: the internet has various protocols, like web protocols, email protocols, voice communication protocols. These protocols enable information to flow globally. Blockchain technology would allow us to create a new protocol: “Internet Money Protocol.”

In other words, in the future, the dollar could flow natively across the internet just like information does. We believed that blockchain and cryptography would make this possible.

Of course, in 2013, this idea was still far from realization.

Why Stablecoins Are Needed: The Efficiency Revolution in Cross-Border Payments

David (Host): If I want to send money to Istanbul, I can wire it through a bank. Why do we still need stablecoins?

Jeremy Allaire: If you’ve ever tried cross-border remittance, you’ll find that the reality is often slow, complicated, costly, and sometimes delayed or failed.

Turkey is a typical example. There, demand for USDC stablecoins is very high. The reason is simple: many people don’t want to hold lira; they prefer holding dollars. Stablecoins allow them to hold digital dollars directly on their phones, make peer-to-peer transfers, settle instantly at almost zero cost—just like making a phone call.

Therefore, in many places, stablecoins are actually becoming an alternative to the banking system.

Moreover, regulated stablecoins have an important feature: issuers do not lend out reserves or take on risk. These assets are securely held in high-safety assets like U.S. Treasuries or cash.

Many holders see this as a very safe digital dollar.

Will Stablecoins Replace Banks?

David (Host): Will banks still exist in ten years? Or will stablecoin networks replace banks?

Jeremy Allaire: It’s very likely that a new form of institution will emerge—financial software platforms built entirely on internet infrastructure. These platforms could become as important as banks, or even larger. At the same time, many banks will start adopting this technology.

Just as media companies gradually embraced the internet, and telecom companies began using it, banks will also gradually integrate into this new technological ecosystem.

Next-Generation Financial Infrastructure: AI, Quantum Computing, and Internet Financial Platforms

From Internet Entrepreneur to Stablecoin Founder

David (Host): Let’s talk about your background. Where were you born?

Jeremy Allaire: I was born in Philadelphia in 1971. When I was 11, my family moved to a small town in Minnesota.

David (Host): Were you a good student?

Jeremy Allaire: Pretty good, but I preferred debate and Model United Nations. I later attended Macalester College, a top liberal arts college in the U.S., majoring in Political Science and Philosophy.

David (Host): What did you do after graduation?

Jeremy Allaire: That was 1993. I initially wanted to work in policy research, but I had already developed a strong interest in the internet during college. At that time, the internet wasn’t yet commercialized. So I made a decision to become an internet consultant.

Many thought this was a strange choice because the internet was almost nonexistent then. But I believed that the internet would fundamentally change communication, media, and software.

Later, I founded several companies, including Allaire and Brightcove. These companies went public successfully. Until 2012, I started to delve deeply into cryptography, and in 2013, I founded Circle.

AI Era: Will Jobs Be Replaced?

David (Host): Will artificial intelligence lead to mass unemployment?

Jeremy Allaire: I think AI will profoundly change the labor market. Many jobs will be replaced. But at the same time, I tell my employees to learn how to use AI tools as soon as possible.

It’s like when personal computers and the internet first appeared. Those willing to learn new tools will gain huge advantages.

The most valuable skill in the future will be humans’ ability to collaborate with AI, which will create new productivity.

Quantum Computing and Cryptography Risks

David (Host): Will quantum computing threaten the current financial system?

Jeremy Allaire: All modern financial systems rely on cryptography. If quantum computers can crack cryptography, the impact will be enormous—for example, on banking systems, power grids, and digital infrastructure. That’s why we are researching quantum-resistant cryptography. Our goal is to have core infrastructure resistant to quantum attacks by 2026–2027.

What Circle Wants the World to Understand

David (Host): What do you want everyone to remember about Circle today?

Jeremy Allaire: I want to emphasize two points. First, stablecoin technology is still in its very early stages. Although the current trading volume has reached trillions of dollars, this is just the beginning in the long run.

Second, Circle’s goal is not just issuing stablecoins. We are building a comprehensive internet financial infrastructure, including developer platforms, financial operating systems, and digital currency infrastructure.

Just as the internet once gave rise to many platform companies—social media, e-commerce, media—over the next decade, a wave of internet financial platform companies will emerge. They will become vital infrastructure for the global financial system, and Circle aims to be one of them.