Exclusive Interview with Circle CEO: Stablecoins Are Not Crypto Assets

Original Compilation: Peggy, BlockBeats

Editor’s Note: In 2025, stablecoin issuer Circle completed its IPO, becoming one of the most high-profile public listings in the kripto industry in recent years. As the issuer of USDC, Circle is attempting to transform stablecoins from trading tools within the crypto market into a digital dollar infrastructure capable of circulating across the internet.

In the latest episode of *The David Rubenstein Show: Peer to Peer Conversations*, Circle co-founder, CEO, and Chairman Jeremy Allaire engaged in a dialogue with host David Rubenstein. They reviewed the company’s long journey from its founding in 2013 to its successful IPO and shared Allaire’s perspective on the future role of stablecoins.

The conversation not only discussed whether stablecoins could potentially transform the traditional banking system but also extended to Allaire’s personal experience as an internet entrepreneur and his views on artificial intelligence, quantum computing, and future internet-based financial platforms. In his view, the development of stablecoins is still in a very early stage, with their true potential lying in building a “monetary infrastructure” akin to an internet protocol, enabling digital dollars to circulate more efficiently within the global network.

Centered around this vision, the two further explored the practical applications of stablecoins in cross-border payments, the potential impact of AI on the labor market, and the financial security challenges that quantum computing might bring. Allaire believes that the next decade is likely to see the emergence of a group of financial platform companies built on the open internet, and Circle aims to be a significant player among them.

The following is the original compilation:

Long-termism: Why Circle is a “20-Year Company”

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

Today, the company’s market capitalization is around $20 billion, and you own roughly 10% of the shares, correct?

Jeremy Allaire: Approximately.

David (Host): So you must be quite happy right now.

Jeremy Allaire: I’ve been working on this company for 12 and a half years. It’s been a very long journey, and for a long time, almost no one believed we could achieve what we have today. So I am indeed very proud of what we have built.

But I would say, from the future we envision, Circle is still a very early-stage company. The IPO is just a milestone. What truly excites me is that, as a public company, the public can now participate in the company’s long-term development. Moreover, the relevant laws regulating stablecoins have only recently been passed and are not even fully implemented yet. So from a longer-term perspective, we are still in a very early stage.

That’s what motivates me the most to keep moving forward.

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

The Original Vision: Turning the Dollar into an “Internet Protocol”

David (Host): What year did you found Circle?

Jeremy Allaire: 2013.

David (Host): Who provided the initial funding for the venture?

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

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

Jeremy Allaire: Actually, the concept of “stablecoin” didn’t exist at that time. But the idea we proposed was this: the internet has various protocols, like web protocols, email protocols, voice communication protocols. These protocols enable information to flow globally. And blockchain technology would allow us to establish a new kind of protocol: an “internet money protocol.”

In other words, in the future, the US dollar could flow natively on the internet, just like information. We believed at the time that blockchain and crypto technology would make this possible.

Of course, in 2013, this idea was far from being realized.

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

David (Host): If I want to send money to Istanbul, I can do a bank wire transfer. Why would I need a stablecoin?

Jeremy Allaire: If you’ve actually tried cross-border remittances, you’ll find the reality is often slow, complicated, expensive, and sometimes even delayed or failed.

Turkey is a very typical example. There, the demand for USDC stablecoin is very strong. The reason is simple: many people don’t want to hold lira; they prefer to hold US dollars. And stablecoins allow them to hold digital dollars directly on their phones, conduct peer-to-peer transfers, with almost zero cost and instant settlement. It’s as simple as making a phone call.

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

Furthermore, regulated stablecoins have another important characteristic: the issuer does not lend out the reserve assets or take on risk. These assets are simply held securely in high-security assets like US Treasury bonds or cash.

So many holders believe: this is a very safe form of digital dollar.

Will Stablecoins Replace Banks?

David (Host): Ten years from now, will banks still exist? Or will stablecoin networks replace banks?

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

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

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. Later, when I was 11, my family moved to a small town in Minnesota.

David (Host): Were you a good student?

Jeremy Allaire: I did well, but I preferred debate and Model United Nations. I later attended Macalester College (a top US liberal arts college) for university, majoring in Political Science and Philosophy.

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

Jeremy Allaire: That was 1993. I originally wanted to work in policy research, but at the same time, I had developed a great interest in the internet during college. The internet wasn’t commercialized back then. So I made a decision: I became an internet consultant.

Many people thought this decision was very strange at the time because the internet barely existed. But I firmly believed then that the internet would completely transform communication, media, and software.

Later, I founded several companies, including Allaire and Brightcove. These companies went public successfully. Until 2012, I started delving deeply into crypto technology, and subsequently founded Circle in 2013.

The AI Era: Will Jobs Be Replaced?

David (Host): Could artificial intelligence lead to massive unemployment?

Jeremy Allaire: I think AI is likely to profoundly change the labor market; indeed, many jobs will be replaced. But at the same time, I also tell employees in the company that they must learn to use AI tools as quickly as possible.

It’s like in the past, when personal computers appeared, when the internet appeared. Those willing to learn the new tools gained a huge advantage.

One of the most valuable skills in the future will be the ability for humans to collaborate with AI, and this collaboration will create new productivity.

Quantum Computing and Cryptographic Risks

David (Host): Could quantum computing threaten the existing financial system?

Jeremy Allaire: All modern financial systems rely on cryptography. If quantum computing can break cryptography, the impact would be enormous. For example, banking systems, power grids, digital infrastructure. Therefore, we are researching post-quantum cryptography. Our goal is to make the core infrastructure resistant to quantum attacks by 2026 or 2027.

What Circle Wants the World to Understand

David (Host): What do you hope people will remember about Circle when they leave here today?

Jeremy Allaire: I want to emphasize two points. First, stablecoin technology is still in a very early stage. Although stablecoin transaction volume has already reached trillions of dollars, from a long-term perspective, this is still just the beginning.

Second, Circle’s goal is not just to issue stablecoins. What we are building is a complete set of internet financial infrastructure. This includes a developer platform, a financial operating system, and digital currency infrastructure.

Just as the internet in the past gave rise to many platform companies—social platforms, e-commerce platforms, media platforms—the next decade is likely to see the emergence of a group of internet financial platform companies. They will become important infrastructure for the global financial system, and Circle hopes to be one of them.

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