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Jeremy Allaire

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Circle
2026-08-26 10:01:50

Circle CEO says stablecoins are in their 2002 internet moment and could grow into a multi-trillion-dollar market

Circle co-founder, chairman and CEO Jeremy Allaire used a nearly 47-minute Q2 2026 earnings AMA on Aug. 19, 2026 to lay out how he sees the company, USDC, stablecoin adoption and the broader onchain economy evolving. Across 11 investor questions, Allaire said Circle’s execution has accelerated after its IPO, helped by long-standing cross-functional coordination, measured hiring and wider internal use of AI and agent infrastructure. He also pointed to cyber risk and global operating capacity as two areas where Circle still needs to keep building. On stablecoins, Allaire said real product-market fit is already visible in digital asset markets, digital dollar savings in emerging markets and cross-border settlement. He added that AI agent payments, merchant payments and deeper convergence between traditional finance and onchain finance are likely to become larger drivers over time. In his view, stablecoins can serve everything from sub-cent machine payments to working capital and collateral in capital markets. Allaire described today’s onchain finance stack as being roughly at the “internet in 2002” stage. He said the current onchain stablecoin market is only about $300 billion and argued that it could eventually expand into the trillions. Reserve income will remain a major engine for Circle, he said, but the company is also building transaction and infrastructure revenues through products including CPN and Arc. He called Arc an economic operating system, said its public mainnet is set for Sept. 16, and argued that it is designed to make blockchain infrastructure nearly invisible to end users. He also said USDC adoption can keep rising even if the CLARITY Act does not pass in September.

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Circle CEO says stablecoins are in their 2002 internet moment and could grow into a multi-trillion-dollar market