Talking Banking Matters Talking with Jeremy Fox-Geen, CFO of Circle
Mar 3, 2026
Jeremy Fox-Geen, CFO of Circle, oversees USDC issuance and treasury for a blockchain payments firm. He discusses stablecoins’ role in cross-border flows, how regulation like the Genius Act can unlock enterprise use, network effects versus closed consortia, and futuristic use cases such as streaming micropayments and AI-mediated agent economies.
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Circle's Three Layer Internet Financial System
- Circle views the internet financial system as three layers: blockchains as the OS, digital assets like USDC, and applications for users and institutions.
- Jeremy Fox-Geen explains Circle builds across all three, including its ARK layer one, USDC issuance, and Circle Payments Network to enable internet-native money.
Where USDC Volume Is Actually Used Today
- USDC usage is concentrated in digital asset markets, dollarization demand, and growing cross-border payments, with $9.6 trillion of transactions last quarter.
- Jeremy notes ~60% of stablecoin volume is trading/settlement, while remittances and corporate global payouts are rapidly expanding use cases.
Value Circle As An Internet Scale Platform Not Just Float
- Do not evaluate Circle solely as a rate-sensitive reserve income business; treat it as an internet-scale platform with nascent fee-based revenues.
- Jeremy recommends focusing on long-term exponential growth potential from stablecoins and fee services beyond reserve yield.