Editor's Note : In 2025, stablecoin issuer Circle completed its IPO, becoming one of the most watched listings in the crypto industry in recent years. As the issuer of USDC, Circle is attempting to elevate stablecoins from a trading instrument in the crypto market to a form of digital dollar infrastructure capable of circulating on the internet.
In the latest episode of "The David Rubenstein Show: Peer to Peer Conversations," Circle co-founder, CEO, and chairman Jeremy Allaire conversed with host David Rubenstein, reviewing the company's long journey from its founding in 2013 to its successful IPO, and sharing his views on the future role of stablecoins.
The interview not only discussed whether stablecoins could potentially transform the traditional banking system, but also extended to Allaire's personal internet entrepreneurial experience and his views on artificial intelligence, quantum computing, and future internet financial platforms. In his opinion, stablecoins are still in a very early stage of development, and their real potential lies in building a "monetary infrastructure" similar to internet protocols, enabling the digital dollar to circulate more efficiently across the global network.
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 may bring. Allaire believes that the next decade is likely to see a number of financial platform companies built on the open internet, and Circle hopes to be one of the key players in this field.
The following is a translation of the original text:
David (Host): One of the most successful IPOs of 2025 was Circle's listing. Circle is a regulated stablecoin network. The company was founded by Jeremy Allaire. I recently had the opportunity to sit down with Jeremy and talk about what a stablecoin network is and why it might represent the future of banking.
Today, this company has a market capitalization of around $20 billion, and you own about 10% of the shares, right?
Jeremy Allaire: Almost.
David (host): You must be very happy now.
Jeremy Allaire: I've been with 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 get to the scale we are today. So I'm truly very proud of what we've built.
However, I want to emphasize that, from our vision of the future, Circle is still a very early-stage company. The IPO is just a milestone. What truly excites me is that becoming a publicly traded company allows the public to participate in the company's long-term development. Furthermore, the laws regulating stablecoins have only recently been passed and are not even fully implemented yet. Therefore, from a longer-term perspective, we are still in a very early stage.
This is what motivates me to keep moving forward.
David (host): In what year did you found Circle?
Jeremy Allaire: 2013.
David (host): Who initially gave you the start-up capital?
Jeremy Allaire: Our earliest investors included General Catalyst, Jim Breyer (Breyer Capital), and Accel; they were among the first investors to support us.
David (host): Did people know what stablecoins were back then?
Jeremy Allaire: Actually, the concept of "stablecoins" didn't exist at the time. But our idea was this: the internet has various protocols, such as the Web protocol, email protocol, and voice communication protocol. These protocols allow information to flow globally. Blockchain technology would allow us to create a new protocol: an "internet currency protocol."
In other words, the future could see the US dollar flowing natively across the internet, much like information. At the time, we believed that blockchain and encryption technologies would make this possible.
Of course, in 2013, this idea was far from being realized.
David (Host): If I want to transfer money to Istanbul, I can do so via bank wire transfer. Why is a stablecoin still needed?
Jeremy Allaire: If you've ever actually tried cross-border remittances, you'll find that the reality is often that they are slow, complicated, expensive, and sometimes even delayed or failed.
Turkey is a prime example. There, demand for the USDC stablecoin is extremely high. The reason is simple: many people don't want to hold lira; they prefer to hold US dollars. Stablecoins allow them to hold digital dollars directly on their phones, make peer-to-peer transfers, and complete settlements instantly at virtually zero cost—as simple as making a phone call.
Therefore, in many places, stablecoins are actually becoming an alternative to the banking system.
Moreover, regulated stablecoins have another important characteristic: the issuers do not use their reserve assets for lending or assume any risk. These assets are simply held securely in highly secure assets such as U.S. Treasury bonds or cash.
Therefore, many holders believe that this is a very safe digital dollar.
David (Host): Will banks still exist ten years from now? Or will stablecoin networks replace banks?
Jeremy Allaire: A new type of institution is likely to emerge in the future: financial software platforms built entirely on internet infrastructure. These platforms may be as important as banks, or even larger than many large banks. But at the same time, many banks will also begin to adopt this technology.
Just as media companies gradually embraced the Internet and telecommunications companies began using it, banks will gradually integrate into this new technology system.
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 years old, my family moved to a small town in Minnesota.
David (host): Did you have good grades in school?
Jeremy Allaire: It was alright, but I preferred debate and Model United Nations. 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 in 1993. I originally wanted to work in policy research, but at the same time, I had developed a great interest in the Internet during my university years. The Internet wasn't commercialized then. So I made a decision to become an Internet consultant.
Many people found this decision very strange at the time because the internet was practically nonexistent. But I firmly believed that the internet would revolutionize communications, media, and software.
Later, I founded several companies, including Allaire and Brightcove. These companies all went public successfully. Then, in 2012, I began to delve into encryption technology, and subsequently founded Circle in 2013.
David (host): Will artificial intelligence lead to mass unemployment?
Jeremy Allaire: I think AI is likely to profoundly change the labor market, and many jobs will indeed be replaced. But at the same time, I also tell my employees to learn how to use AI tools as soon as possible.
This is similar to the past, with the advent of personal computers and the internet. Those willing to learn new tools gain a significant advantage.
The most valuable capability of the future will be the ability for humans to collaborate with AI, which will create new productivity.
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 will be enormous. For example, banking systems, power grids, and digital infrastructure. Therefore, we are researching quantum-resistant cryptography. Our goal is to make core infrastructure quantum-resistant by 2026 or 2027.
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 its very early stages. Although the trading volume of stablecoins has now reached trillions of dollars, in the long run, this is still just the beginning.
Second, Circle's goal is not just to issue stablecoins. We are building a complete internet financial infrastructure, including a developer platform, financial operating systems, and digital currency infrastructure.
Just as the internet has spawned numerous platform companies in the past—social media platforms, e-commerce platforms, and media platforms—the next decade is likely to see the emergence of a number of internet finance platform companies. These will become crucial infrastructure of the global financial system, and Circle aspires to be one of them.
