Circle CEO Jeremy Allaire Says His Stablecoins Will ‘Improve the World’

Circle CEO Jeremy Allaire is reportedly battling naysayers ahead of the company’s next earnings report.

Bloomberg published an interview with Allaire Tuesday (Nov. 11), one day before his stablecoin company releases quarterly numbers.

“Jeremy Allaire has consistently taken a different strategic path from the Bitcoin ecosystem,” said Cory Klippsten, who runs Bitcoin investing platform Swan Bitcoin, per the report. “In contrast to Bitcoin’s goal of separating money from the state, his work has centered on integrating crypto technology into the existing fiat system.”

Allaire said his approach and company will ultimately prevail, according to the report.

“You really need to have very deep conviction and very deep moral grounding in the importance of what you are doing in order to persevere,” he said, per the report. “You are going to suffer setbacks, everyone tells you [that] you are wrong, you are going to fail. For me, this isn’t just about a business idea. I am doing this because I literally think that this is going to improve the world.”

Allaire has had a tumultuous tenure at Circle, which launched as a Bitcoin-centric payments platform before pivoting to stablecoins, the report said. The company almost went bankrupt and found itself embroiled in the collapse of Silicon Valley Bank in 2023. Allaire ultimately had to sell assets and eliminate hundreds of jobs to preserve USDC, the company’s flagship stablecoin.

“No one believed me,” Allaire said, about Circle during its rocky period, per the report. “I pulled many, many rabbits out of the hat.”

Meanwhile, the company’s challenges include competition with Tether, whose USDT stablecoin has a bigger market value, and with World Liberty Financial, a company with ties to President Donald Trump’s family, the report said.

The stablecoin space is “a winner-take-most market,” Allaire said in a recent earnings call, according to the report.

Circle listed on the stock market in June, becoming the first publicly-traded stablecoin issuer in a successful, high-profile initial public offering.

“The implications of Circle’s IPO are far-reaching,” PYMNTS reported at the time. “First, it lends unprecedented credibility to the stablecoin market. By successfully listing on the NYSE and attracting underwriters such as Goldman Sachs, JPMorgan and Citigroup, Circle has sent a strong signal to Wall Street. Stablecoins are not only here to stay, but they are also investable, scalable financial products with real-world utility.”

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