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

Source: David Rubenstein, YouTube

Compiled by: Peggy, BlockBeats

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 transform stablecoins from a trading tool in the crypto market into an infrastructure for digital dollars 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 revolutionize traditional banking systems but also extends to Allaire’s personal internet entrepreneurship experience, as well as his thoughts 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, they further discuss the practical 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.

Here is the original interview translation:

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. The company was founded by Jeremy Allaire. Recently, I had the chance to sit down with Jeremy to discuss: what is a stablecoin network, and why it might represent the future of banking.

Today, the company’s market cap is around $20 billion, and you hold about 10%, right?

Jeremy Allaire: Pretty much.

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

Jeremy Allaire: I’ve been working on this company for over 12 and a half years. It’s been a very long journey, and for a long time, hardly anyone 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 very much in its early stages. 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. And the legal frameworks for stablecoins have only recently been passed, and are not even fully implemented yet. So, from a longer-term perspective, we are still in very early days.

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

Embedding the dollar into the internet: the true goal of stablecoins

The initial idea: turning the dollar into an “internet protocol”

David (Host): When did you start Circle?

Jeremy Allaire: 2013.

David (Host): Who were your initial investors?

Jeremy Allaire: Early investors included General Catalyst, Jim Breyer (Breyer Capital), and Accel. They were the earliest supporters.

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: an “internet currency 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 very much in the realm of possibility, not reality.

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 it’s often slow, complicated, costly, and sometimes delayed or fails.

Turkey is a typical example. There, demand for USDC stablecoin is very high. The reason is simple: many people don’t want to hold lira; they prefer holding dollars. Stablecoins let them hold digital dollars directly on their phones, transfer peer-to-peer, with almost zero cost and instant settlement. It’s as simple as making a phone call.

So, 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 US Treasuries or cash, very safe.

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 type of institution will emerge—financial software platforms built entirely on internet infrastructure. These platforms could become as important as banks, even surpassing many large banks in scale. At the same time, many banks will start adopting this technology.

Just as media companies have gradually embraced the internet, telecoms began using it, banks will also 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 UN. I later attended Macalester College, a top liberal arts college in the US, 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. Back then, the internet wasn’t commercialized yet. So I made a decision to become an internet consultant.

Many thought this was a strange choice because the internet was almost nonexistent at the time. 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 delved 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 human-AI collaboration, which will create new productivity.

Quantum computing and cryptography risks

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

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

What does Circle want the world to understand?

David (Host): When people leave here today, what do you want them to remember about Circle?

Jeremy Allaire: I want to emphasize two points. First, stablecoin technology is still very early. 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 platform companies like social media, e-commerce, and media platforms, in 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.