Circle CEO's latest interview: Stablecoins are not crypto assets

Video Title: David Rubenstein Show: Jeremy Allaire

Video Author: David Rubenstein, Youtube

Compiled by: Peggy, BlockBeats

Editor's Note: In 2025, stablecoin issuer Circle completed its IPO, becoming one of the most watched public listings in the crypto industry in recent years. As the issuer of USDC, Circle is trying to push stablecoins from being a trading tool in the crypto market to a digital dollar infrastructure that can circulate on the internet.

In the latest episode of "The David Rubenstein Show: p2p-211">Peer to Peer Conversations," Circle co-founder, CEO, and Chairman Jeremy Allaire engages in a dialogue with host David Rubenstein, reflecting on the company's long journey from its founding in 2013 to its successful public listing, and sharing his views on the future role of stablecoins.

Long-termism: 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. This company was founded by Jeremy Allaire. Today, the company's market value is around $20 billion, and you hold about 10% of the shares, right?

• Jeremy Allaire: That's about right. I have been working for this company for 12 and a half years. It has been a very long journey, and for a long time, almost no one believed we could achieve the scale we have today.

• Jeremy Allaire: But what I want to say is that from the perspective of the future we envision, Circle is still a very early-stage company. The IPO is just a milestone. What excites me is that after becoming a public company, the public can participate in the long-term development of this company. The relevant laws regulating stablecoins have only recently been passed and are not yet fully implemented. So from a longer-term perspective, we are still in a very early stage.

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

Initial Vision: Turning the Dollar into an "Internet Protocol"

• David (Host): In what year did you found Circle? Who initially provided you with startup funding?

• Jeremy Allaire: In 2013. The earliest investors included General Catalyst, Jim Breyer (Breyer Capital), and Accel.

• Jeremy Allaire: At that time, the concept of "stablecoin" did not exist. But the idea we proposed was: the internet has web protocols, email protocols, voice communication protocols, which allow information to flow globally. Blockchain technology enables us to establish a new protocol: "Internet Currency Protocol." In other words, in the future, dollars can flow natively on the internet like information.

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

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

• Jeremy Allaire: The reality is often slow, complicated, and expensive. Turkey is a typical example, where there is a strong demand for USDC. Many people do not want to hold lira, and stablecoins allow them to hold digital dollars directly on their phones, conduct peer-to-peer transfers, with almost zero cost and instant settlement, as simple as making a phone call.

• Jeremy Allaire: Moreover, regulated stablecoin issuers do not lend out reserve assets; the assets are securely held in U.S. Treasury bonds or cash.

Will Stablecoins Replace Banks?

• Jeremy Allaire: In the future, there is likely to be a new type of institution—financial software platforms built entirely on internet infrastructure. These platforms could be as important as banks, or even larger than major banks. However, many banks will also begin to adopt this technology, gradually integrating into this new technological system.

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

From Internet Entrepreneur to Stablecoin Founder

• David (Host): Tell us about your background.

• Jeremy Allaire: Born in Philadelphia in 1971. Graduated from college in 1993, at that time I firmly believed that the internet would fundamentally change communication, media, and software. Later, I founded several companies, including Allaire and Brightcove, both of which went public successfully. It wasn't until 2012 that I began to deeply study cryptographic technology, and then founded Circle in 2013.

AI Era: Will Jobs be Replaced?

• Jeremy Allaire: AI is likely to profoundly change the labor market, and indeed many jobs will be replaced. But I tell employees to learn to use AI tools as soon as possible. The most valuable skill in the future will be the ability to collaborate with AI, and this collaboration will create new productivity.

Quantum Computing and Cryptographic Risks

• Jeremy Allaire: All modern financial systems rely on cryptography. If quantum computing can break cryptography, the impact would be enormous. Therefore, we are researching quantum-resistant cryptography. Our goal is to have core infrastructure capable of resisting quantum attacks by 2026 to 2027.

What Circle Wants the World to Understand

• Jeremy Allaire: I want to emphasize two points:

  1. Stablecoin technology is still in a very early stage; this is just the beginning.

  2. Circle's goal is not just to issue stablecoins; we are building a complete set of internet financial infrastructure (developer platforms, financial operating systems).

• Jeremy Allaire: In the next decade, it is likely that a number of internet financial platform companies will emerge, which will become important infrastructure for the global financial system, and Circle hopes to be one of them.