Episode summary
David Rubenstein Show: Jeremy Allaire
The David Rubenstein Show
· · Hosts: David Rubenstein · Guests: Jeremy Allaire
Summary
Jeremy Allaire argues that Circle is still in the early innings despite its 2025 IPO and roughly $20 billion market value, because the company has spent 12 and a half years building the infrastructure for “digital dollars” on the internet. He says stablecoins are not a replacement for all banking, but a faster, cheaper, safer way to move money across borders, especially in places like Turkey where people want access to dollars and direct peer-to-peer transfers.
Allaire traces the idea back to 2013, when Circle aimed to make money move like information moves on the web. He says the industry needed regulatory clarity before serious competition could emerge, and he expects software-based financial utilities on the open internet to become as large as, or larger than, the biggest banks over the next decade. He also says Circle is building for the long term, with a horizon of 10 to 20 years.
The discussion also turns to AI and quantum computing. Allaire says AI is likely to disrupt labor markets significantly, but he sees major productivity gains if workers learn to use the tools. On quantum, he warns that cryptography is foundational and says Circle is preparing quantum-ready security infrastructure by 2026 and 2027.
Key takeaways
- Jeremy Allaire says Circle is still an early-stage company even after its 2025 IPO and roughly $20 billion valuation.
- Allaire says stablecoins can move money faster and more cheaply than traditional bank wires, especially for cross-border payments.
- He expects major internet-native financial platforms to grow into utilities that could rival the biggest banks within ten years.
- Allaire says AI will displace many jobs, but workers who adapt can gain substantial productivity advantages.
- He says Circle is preparing for quantum-related security risks and wants quantum-ready infrastructure by 2026 and 2027.
Notable quotes
“we're actually an early stage company. This is super early in terms of what we envision being possible and what we can build”
“what we explained was this new technology, cryptocurrency blockchains, was was going to make it possible to build a way to put dollars on the Internet”
“A payment Stablecoin is a digital currency that is issued on a on the internet, on a blockchain that is backed completely one for one by high quality, safe liquid assets”
“Software utilities that are built entirely on an open Internet infrastructure on the public Internet with software are going to exist and likely be as large are larger than the biggest banks in the world”
“It's very likely, in my view, that artificial intelligence is going to pretty dramatically disrupt the labor market as we know it today”
How the episode opens
This is my kitchen table and also my filing system. Over much of the past three decades, I've been an investor the highest quality of mankind I've often thought was private equity. And then I started interviewing.
Oh, I watch your interviews cause I know how to do something. I've learned in doing my interviews how leaders make it to the top. I asked him how much he wanted.
He said to 50. I said, Fine. I didn't negotiate with him.
I didn't know due diligence. I have something I'd like to sell and how they stay there. You don't feel inadequate now because being only the second wealthiest man in the world, Is that right?
One of the most successful IPO's in 2025 was the IPO of circle, a regulated stablecoin network. The company was the brainchild of Jeremy Allaire. I recently had a chance to sit down with Jeremy Lehr to talk about what a regulated stablecoin network is and why it's the future of banking.
The company is now has a market capitalisation today of about March 20 something around their $20 billion. That's pretty good. And you own about 10% of the company close to that.
Yeah. So you're a happy guy. I've been building the company for 12 and a half years.
It's been a very long journey to build it and it and a company that very few people believed could achieve what it has. So I feel great about what we've been able to build. What I would say, though, and it relates to the IPO as well, is what's motivating to me is that, you know, we're actually an early stage company.
This is super early in terms of what we envision being possible and what we can build. And so while the numbers or this or that are are interesting or compelling for different reasons, what's exciting to me is that, you know, by becoming a publicly held institution, the general public can participate in how we build this company over the long run.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- stablecoins
- circle ipo
- cross-border payments
- ai and jobs
- quantum computing security
Companies and tickers mentioned
- Circle
Watch the episode
Watch “David Rubenstein Show: Jeremy Allaire” on YouTube
Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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