Listen and subscribe to Opening Bid Unfiltered on Apple Podcasts, Amazon Music, Spotify, YouTube, or wherever you find your favorite podcasts.
Longtime stablecoin proponent Jeremy Allaire sees a future where Circle’s (CRCL) technology is embedded in the very fabric of the internet and the broader financial ecosystem.
“I hope that we’re part of operating a major new infrastructure layer of the internet — that we’re building something that is running a substantial portion of this new economy,” Allaire said about his 10-year vision in a new episode of Yahoo Finance’s Opening Bid Unfiltered podcast (see video above or listen below).
“I believe that in 10 years that these new forms of money that we’ve been involved with, stablecoin money and now the sort of these tokenizations more broadly, … are a much larger part of the total amount of value of financial value in the economic system,” Allaire added. “Ultimately, we want to help create applications and utilities that make the financial world at least safer, more global, more innovative, more inclusive, and higher velocity. I think our mission is to increase global economic prosperity through the frictionless exchange of value.”
Circle has made a solid case this year that it should be a valued member of the global financial ecosystem.
The company executed a successful IPO on June 5. Ever since, it has been at the center of optimism in the stablecoin market following the signing of the GENIUS Act by President Trump. The GENIUS Act is legislation that creates guardrails and a framework for digital tokens backed by assets such as the US dollar.
Circle makes a lot of its money from interest income, specifically from the short-term Treasury bills backing its stablecoin, USDC (USDC-USD).
Read more: How stablecoins work
This past fall, Circle unveiled Arc, an open Layer 1 blockchain designed to bring more economic activity on-chain. Arc has already signed BlackRock (BLK), Visa (V), and Amazon’s (AMZN) cloud business as collaborators.
In December, the company inked a multiyear deal with TurboTax owner Intuit (INTU) to accelerate next-generation financial services powered by its stablecoin technology.
Third quarter revenue and reserve income of $740 million increased 66% year over year. Net income increased by 202% from the previous year.
Circle’s stock is down 57% over the last six months amid a pullback in crypto prices, an asset class Circle often gets lumped into. Allaire contended that Circle doesn’t fit in any particular box, suggesting the stock shouldn’t be tracking in lockstep with crypto.
