Stablecoins: The Big Picture with Circle CEO Jeremy Allaire

Automatic TRANSCRIPT

Joined today by none other then the CO founder and CEO Circle. Jeremy Allaire Fun facts about Jeremy and his team. I believe one of the earliest applicants. The whole this was back in late. Two thousand thirteen at actually made through one of their board members and As fate would have a gentleman up name unders That I was considering starting a stable coin project with Way Back in two thousand thirteen hundred fourteen interviewed around the same time as I did and basically we came at around the same time and and I told him while they're gonNA make off wrong spot he said No. No no and sure enough. You guys made an offer unders left left and recently that he'll draw sorry recently he recently joined the sorry and you are now now focused on stable coins pretty much exclusively. So the the intersection there. over the course of the last six years of course there's there's been some uh some work in between between Baltimore with DC G. and some of the were yet while I was coined us It's been fascinating to watch circles evolution over time and data and I think the you're in a very good position right now on the US DC front triggered talk a bit about as it is emerging as as you know one of the leading contenders unders for what's going to be the dominant stable especially in the US dollar pegged a stable income to cover a lot of territory right now Or of course the next hour fled Germany. For for starters loved to get the quick background on you. I think some people industry no a little bit about your background Previous to to digital currency. But but let's talk about that just to to start and then the evolution of circle in your own is And then I'll maybe jumping with with a little bit of my thesis as as to where certainly goes from here and then we can talk about that around you can. You can tell me off. I am very often. It sounds fun but number you were you. Were a a a a very sharp early speculator about what we were going to be doing doing good when we were stealth back in twenty thirteen and early twenty fourteen. Yeah that's yeah yeah and You no I I think you even knew some of the internal code names. We had for different things which sort of talked aspirational about where we saw digital currency going and Yeah and we'll get to all that conversation insurance so kind of where things are today but yeah my yeah my background just for for people who aren't aware I've been working being in Internet platforms for a long time since the early nineteen nineties and I I had a background in kind of studying political economy global political economy And that's what actually drew me into the Internet in nineteen ninety and became kind of very very obsessed about what you could what you do with it and worked on multiple companies over the next. You know fifteen twenty years I think what animated those companies was excitement about the promise of open open platforms open networks permission lists access to open protocols what you could do with that information. Communication software software delivery media all these kinds of things. which were you know? I think critical kind of infrastructures built up on on the layers to the Internet from the early nineties through obviously still today And so I you know first. Business was really enabling programmers grammars to build software applications for web browsers which was quite novel in Nineteen Ninety Four nineteen ninety five Really empowering a new generation of developers to create software for new kind of model and to build kind of content applications as. We'd like to call them back Ben and that grew Into a public company and then eventually we merged with macro media one of the dominant Internet designing tools companies. And I was chief technology officer there and worked on FLASH PLATFORM BACK IN. This would have been in. You know. two thousand one two thousand two thousand three and at that time. Flash was the most ubiquitous piece of software on the Internet. Ninety eight percent computers had it. And you we could actually upgrade the runtime of the Internet in twelve of months because we could basically launch a new version of the player it was like a new almost like an operating system had a virtual machine. We were dancing programming language to do a lot more stuff than we had a set of ideas. He is that when you have broadband and Wi fi kind of lighting up which were just sort of happening end kind of user experience. The Internet could could be a lot more rich and we put underlying primitives into that platform for video and And that sort of sparked my my next like major ager passionate in which was in early two thousand and two sort of interested in you know how could you disrupt what is the television and and media distribution the newspapers coming online or magazines coming online but actually television on the Internet and started another company. Let's left macro media. Started another company called Bright Cove which is listed public company. Now J. Took public. I'm a little bit before starting circle and that was again a platform company so basically providing UH platforms for companies in developers. That wanted to you know use video do video distribution not just browsers mobile devices. TV sets all stuff. I'm and bypass the legacy system for media distribution kind of going over the top Which is the phrase that we used with a software in media communications and in a in those generations the Internet? Now you know I sort of think about things like stable coins is like we're doing an over the top Financial System by building it all on open open permission list network so it networks Protocols Deli platforms developers can build on And really trying to create a user experience money. That's really different different. But I'm the sort of a little bit of the thread that runs through it and I think in two thousand and twelve Had just taken breakoff public And like a lot of people around two thousand twelve became interested in and obsessed with cryptocurrency Not Not just you know bitcoin specifically but the broader kind of our that we could see back in early two thousand thirteen. Sean and I were batting around starting circle and Many many of the ideas that sort of animated the founding of the company on things that we imagined becoming possible are actually just just now becoming possible and so it's super exciting time in the industry. It's a super exciting time. I think also circle but it's a very exciting time for the industry where Yup many of the things that got us to found the company and belief systems about what could happen with the global financial system where you can actually start to awesome. That's emerging so that's a little background in a little bit on how I got to circle so we we glossed over Quite a bit of meet in the Middle Right in terms of Aware Circle started in where you've been last few years and when people see the focus today on Uscca the encircle pay is still integral to the wrecked it. Now so circle pay we We ended service on circle pay last year as a standalone service. So and I can talk to you the kind of which which which one of my thinking so so the the the the the current product suite includes USCC and Yes so right now we have the USD service which is available to individuals and institutions and businesses and then we have a whole new set of products that that were gearing up to launch guy. Soon

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