Jeremy Allaire, CEO of Circle, expressed his optimism about the future of cryptocurrencies. During the 11 years of building Circle, Allaire believes that most people have limited knowledge of the significant developments in the current crypto space. His optimism stems from observing the evolution of internet technology over the past 35 years and recognizing the potential of cryptocurrencies for societal and economic transformation. He believes that 10% of the global economy in the future will be mediated by stablecoins.
Overcoming early skepticism and entering the broadband phase, Bitcoin has become an important target. The global acceptance of cryptocurrencies continues to grow, and stablecoins are rising, with most jurisdictions expected to recognize them as electronic currencies next year. The progress of blockchain infrastructure and widespread adoption are paving the way for the future.
In 2013, the concept of cryptocurrencies was considered marginal and often associated with illegal activities. Despite limited, slow, and complex technology, Allaire and other early adopters saw the potential of decentralized networks. They faced hostility from financial institutions and skepticism from the media, but their vision for the transformation of digital infrastructure remained clear.
Allaire believes that the public blockchain infrastructure has now developed to its third generation, supporting large-scale applications with trusted data, transactions, and computation. A thriving global blockchain community is constantly innovating to improve data availability, security, privacy, and transaction throughput. Allaire compares the current state of blockchain to the early broadband phase, expecting significant progress in the future.
Recent breakthroughs in security, privacy, and scalability, such as zero-knowledge technology (ZK) and fully homomorphic encryption (FHE), indicate that cryptographic computation will support major applications. Thousands of startups worldwide are building on this infrastructure, further solidifying the role of digital assets in the emerging global financial system. Major governments are establishing clear regulations for digital assets, and Bitcoin has become an important alternative investment asset.
Allaire believes that the world’s largest asset management companies now offer blockchain-based products, and cryptocurrencies have become a global political issue. Governments around the world are competing to promote innovation while ensuring responsible development. Improved user experience makes cryptocurrencies more accessible, and major payment companies are integrating blockchain technology to enhance their services.
Allaire sees stablecoins as a clear killer application, providing digital dollars to drive on-chain economies. They are beginning to be implemented for future banking services, reducing remittance costs, and facilitating seamless cross-border commerce. By 2025, stablecoins are expected to be legally recognized as electronic currencies in almost all major jurisdictions, occupying a significant share of the $100 trillion electronic currency market.
According to Allaire, the infrastructure for building, deploying, and operating blockchain applications has made significant progress. Enterprise-grade products and services now support these networks, providing custody solutions suitable for end-user self-custody and institutional use. Developer tools and knowledge are constantly increasing, allowing more people to access blockchain technology.
Retail companies are launching applications that connect to public chains and use digital tokens, covering payment, social, gaming, ticketing, and enterprise use cases. National governments are investing in blockchain infrastructure and ecosystem development, encouraging innovation through legislation. Exciting new applications receive attention every week.
Allaire believes that we are still in the early stages of cryptocurrency adoption, which makes him very optimistic about the future. He envisions a world where digital tokens are widely understood and used for incentives, governance, and records. With the evolution of blockchain networks, they will support billions of users and millions of applications, revolutionizing finance, commerce, and governance.