Author: David Rubenstein, YouTube; Translation: Peggy, BlockBeatsIn 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 push stablecoins from being merely trading tools in the crypto market into a form of digital dollar infrastructure that can circulate 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 vision for 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 experience in internet entrepreneurship, as well as his views on artificial intelligence, quantum computing, and future internet finance platforms. In his view, the development of stablecoins is still in its very early stages, and their true potential lies in building a "monetary infrastructure" similar to internet protocols, enabling the digital dollar to circulate more efficiently across global networks. 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: Long-Termism: Why Circle is a "20-Year Company" 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, the company's market capitalization is around $20 billion, and you own about 10% of the shares, right? Jeremy Allaire: More or less. 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 where we are today. So I'm truly very proud of what we've built. But I want to say that, looking at our envisioned future, Circle is still a very early-stage company. The IPO is just a milestone. What really excites me is that, as a publicly traded company, the public can participate in the company's long-term development. And the laws regulating stablecoins have only recently been passed and aren't even fully implemented yet. So, from a longer-term perspective, we're still in a very early stage. That's what motivates me to keep going. Embedding the Dollar in the Internet: The Real Goal of Stablecoins
The Initial Vision: Turning the Dollar into an "Internet Protocol"
David (Host): What year did you found Circle?
Jeremy Allaire: 2013.
David (Host): Who initially gave you startup funding?
Jeremy Allaire: Our earliest investors included General Catalyst, Jim Breyer (Breyer Capital), and Accel. They were our earliest backers.
David (Host): Did people know what stablecoins were back then?
Jeremy Allaire: Actually, the concept of "stablecoins" didn't exist at that time.
David (Host): Did people know what stablecoins were back then?
Jeremy Allaire: Actually, the concept of "stablecoins" didn't exist then.
Our initial 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 establish a new protocol: an "internet currency protocol." In other words, in the future, the US dollar could flow natively on the internet, just like information. At the time, we believed that blockchain and encryption technology would make all of this possible. Of course, in 2013, this idea was far from being truly realized. Why Stablecoins Are Needed: An Efficiency Revolution in Cross-Border Payments David (Host): If I want to send money to Istanbul, I can do it via bank wire transfer. Why are stablecoins still needed? Jeremy Allaire: If you've ever actually tried cross-border remittances, you'll find that the reality is often 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, conduct peer-to-peer transfers, and complete settlements almost at 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 reserve assets for lending or assume risk. These assets are simply held securely in highly secure assets such as US Treasury bonds or cash. Therefore, many holders consider it a very safe digital dollar. Will stablecoins replace banks? David (Host): Will banks still exist ten years from now? Or will stablecoin networks replace them? 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. 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 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. When I was 11, my family moved to a small town in Minnesota. David (Host): Were your grades good in school? Jeremy Allaire: They were okay, but I preferred debating and Model United Nations. I later went to Macalester College (a top liberal arts college in the US), majoring in political science and philosophy. David (Host): What did you do after graduating? 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 college years. The internet wasn't commercialized yet. So I made a decision: I became 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 communication, media, and software. Later, I founded several companies, including Allaire and Brightcove. These companies all went public. Then, in 2012, I began to delve into encryption technology, and subsequently founded Circle in 2013. The AI Era: Will Jobs Be Replaced? David (Host): Will artificial intelligence lead to mass unemployment? Jeremy Allaire: I think AI is very 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. It's like in the past, with the advent of personal computers and the internet. Those willing to learn new tools will gain a huge advantage. The most valuable capability of the future will be the ability for humans and AI to collaborate, creating new productivity. Quantum Computing and Cryptographic Risks David (Host): Could quantum computing threaten existing financial systems? 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. 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 its very early stages. Although the trading volume of stablecoins has 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 finance infrastructure, including a developer platform, a financial operating system, and digital currency infrastructure. Just as the internet has spawned many platform companies in the past—social platforms, e-commerce platforms, and media platforms—in the next decade, a number of internet finance platform companies are likely to emerge. They will become important infrastructure of the global financial system, and Circle hopes to be one of them.
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