How Circle Holds USDC Reserves

Jeremy Allaire is the founder and CEO of Circle, the company behind USDC -- the world's largest regulated stablecoin with over $73 billion in circulation. Circle IPO'd last year, surged on day one, and now processes 8x more transactions than Visa. But Jeremy deliberately chose the boringest corner of crypto -- and in this interview, he explains exactly why boring is winning.

Jeremy breaks down what a stablecoin actually is, why the US banking system still runs on technology from the 1970s, and what the Federal Reserve told him when he asked how the dollar actually works. Plus: who loses when Stripe and Shopify start accepting USDC at a fraction of credit card fees, AI agents that pay each other in crypto, and why Jeremy reads Camus instead of business books.

We don’t know who Bitcoin-inventor Satoshi Nakamoto is… but we do Jeremy Allaire. And this guy knows more than anyone about the coolest part of crypto: The Stablecoin. Because Jeremy is the founder and CEO of Circle, the company behind USDC — the world's largest regulated stablecoin with over $73Bin circulation. And he’s a Philosopher at heart.

Circle IPO'd last year, surged on day one, and now processes 8x more transactions than Visa (yeah, that Visa). But Jeremy deliberately chose the boringest corner of crypto — and in this interview, he explains exactly why boring is winning…

Jeremy breaks down what a stablecoin actually is (we were wondering too), why the US banking system still runs on technology from the 1970s (oh boy), and what the Federal Reserve told him when he asked how the dollar actually works. Plus: who loses when you can buy a burrito online with a stablecoin, AI agents that pay each other in crypto, and why Jeremy reads Camus instead of business books (spoiler: to disrupt the financial system, pick up some Nietzsche)

Here’s are the episode breakdown:CHAPTERS

0:00 - Intro: Jeremy Allaire, Founder and CEO of Circle

1:45 - What Is Happening in the Crypto Market Right Now?

3:36 - Jeremy Allaire's Origin Story: The Apple II That Started It All

5:31 - How the Bitcoin White Paper Inspired Circle

6:27 - What Is a Stablecoin? The Netflix Analogy for USDC

11:30 - Why Stablecoins Are Necessary: The $120 Trillion Opportunity

13:54 - Why the US Banking System Is Still Stuck in the 1950s

16:37 - Is Slow Banking Actually Safer? The Fraud Argument

18:47 - $73 Billion USDC in Circulation: How Circle Holds the Reserves

20:23 - The US Dollar Literally Runs on Oracle Databases

22:11 - Can USDC Ever Not Be Worth $1? Circle Stock vs. the Stablecoin

25:39 - Who Loses to Stablecoins? The Credit Card Fee Problem

26:28 - AI Agents Are Now Paying Each Other in USDC

27:54 - Stripe and Shopify Now Accept USDC Payments

29:06 - Jeremy Allaire's Takeaway on the Future of Stablecoins

30:11 - Rapid Fire: Best Crypto Brand, Favorite Book, Stock Ticker

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