Editor's Note: In 2025, stablecoin issuer Circle completed its IPO, becoming one of the most high-profile listings in the crypto industry in recent years. As the issuer of USDC, Circle is attempting to transform stablecoins from trading tools in 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 public listing and shared Allaire's perspective on the future role of stablecoins.
The conversation not only discussed whether stablecoins could change 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-based financial 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 an internet protocol, enabling digital dollars to circulate more efficiently in 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 challenges quantum computing might pose to financial security. Allaire believes that the next decade is likely to see the emergence of a batch of financial platform companies built on the open internet, and Circle hopes to be one of the key players among them.
Below is the translated 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. 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 banking system?
Today, the company has a market capitalization of around $20 billion, and you own roughly 10% of the shares, correct?
Jeremy Allaire: Approximately.
David (Host): So you must be very 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 reach the scale we are at 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 really excites me is that, as a public company, the public can participate in the long-term development of this company. Moreover, the relevant laws regulating stablecoins have only just been passed recently and are not even fully implemented yet. So from a longer-term perspective, we are still at 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 Initial 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?
Jeremy Allaire: The earliest investors included General Catalyst, Jim Breyer (Breyer Capital), and Accel. They were the first to support 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, such as web protocols, email protocols, voice communication protocols. These protocols allow information to flow globally. And blockchain technology would enable us to establish a new protocol: an "internet money protocol."
In other words, in the future, the dollar could natively flow on the internet just like information. At the time, we believed 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 stablecoins?
Jeremy Allaire: If you've 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 very typical example. There, the demand for USDC stablecoins is very strong. The reason is simple: many people don't want to hold the 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 easy 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 issuer does not lend out the reserve assets or take on risk. These assets are simply held safely in high-security assets like U.S. Treasuries or cash.
So many holders consider this 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 them?
Jeremy Allaire: It's very likely that a new type of institution will emerge, built entirely on internet infrastructure—financial software platforms. 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 internet technology, 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: Pretty good, 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 strong 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 was firmly convinced 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 began to deeply research crypto technology, and subsequently founded Circle in 2013.
The AI Era: Will Jobs Be Replaced?
David (Host): Will artificial intelligence lead to massive job losses?
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, with the advent of personal computers and the internet. Those willing to learn new tools gained a huge advantage.
In the future, one of the most valuable skills 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, the banking system, the power grid, digital infrastructure. Therefore, we are researching quantum-resistant 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 want people to 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 the transaction volume of stablecoins has already 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 set of internet financial infrastructure. This includes a developer platform, a financial operating system, and digital currency infrastructure.
Just as the internet gave rise to many platform companies—social platforms, e-commerce platforms, media platforms—in the next decade, a batch of internet-based financial platform companies is likely to emerge. They will become important infrastructure for the global financial system, and Circle hopes to be one of them.
