Circle CEO's latest interview: Stablecoins are not crypto assets

By: rootdata|2026/03/16 10:10:00

Video Title: David Rubenstein Show: Jeremy Allaire

Video Author: David Rubenstein, Youtube

Compiled by: Peggy, BlockBeats

Editor's Note: In 2025, stablecoin issuer Circle completed its IPO, becoming one of the most watched public listings in the crypto industry in recent years. As the issuer of USDC, Circle is trying to push stablecoins from being a trading tool in the crypto market to a digital dollar infrastructure that can circulate on the internet.

In the latest episode of "The David Rubenstein Show: p2p-211">Peer to Peer Conversations," Circle co-founder, CEO, and Chairman Jeremy Allaire engages in a dialogue with host David Rubenstein, reflecting on the company's long journey from its founding in 2013 to its successful public listing, and sharing his views on the future role of stablecoins.

Long-termism: Why Circle is a "20-Year Company"

David (Host): One of the most successful IPOs in 2025 is Circle's listing. Circle is a regulated stablecoin network. This company was founded by Jeremy Allaire. Today, the company's market value is around $20 billion, and you hold about 10% of the shares, right?
Jeremy Allaire: That's about right. I have been working for this company for 12 and a half years. It has been a very long journey, and for a long time, almost no one believed we could achieve the scale we have today.
Jeremy Allaire: But what I want to say is that from the perspective of the future we envision, Circle is still a very early-stage company. The IPO is just a milestone. What excites me is that after becoming a public company, the public can participate in the long-term development of this company. The relevant laws regulating stablecoins have only recently been passed and are not yet fully implemented. So from a longer-term perspective, we are still in a very early stage.

Embedding the Dollar into the Internet: The True Goal of Stablecoins

Initial Vision: Turning the Dollar into an "Internet Protocol"

David (Host): In what year did you found Circle? Who initially provided you with startup funding?
Jeremy Allaire: In 2013. The earliest investors included General Catalyst, Jim Breyer (Breyer Capital), and Accel.
Jeremy Allaire: At that time, the concept of "stablecoin" did not exist. But the idea we proposed was: the internet has web protocols, email protocols, voice communication protocols, which allow information to flow globally. Blockchain technology enables us to establish a new protocol: "Internet Currency Protocol." In other words, in the future, dollars can flow natively on the internet like information.

Why Stablecoins are Needed: The Efficiency Revolution in Cross-Border Payments

David (Host): If I want to send money to Istanbul, I can do it through a bank wire transfer. Why do we still need stablecoins?
Jeremy Allaire: The reality is often slow, complicated, and expensive. Turkey is a typical example, where there is a strong demand for USDC. Many people do not want to hold lira, and stablecoins allow them to hold digital dollars directly on their phones, conduct peer-to-peer transfers, with almost zero cost and instant settlement, as simple as making a phone call.
Jeremy Allaire: Moreover, regulated stablecoin issuers do not lend out reserve assets; the assets are securely held in U.S. Treasury bonds or cash.

Will Stablecoins Replace Banks?

Jeremy Allaire: In the future, there is likely to be a new type of institution—financial software platforms built entirely on internet infrastructure. These platforms could be as important as banks, or even larger than major banks. However, many banks will also begin to adopt this technology, gradually integrating into this new technological system.

Next-Generation Financial Infrastructure: AI, Quantum Computing, and Internet Financial Platforms

From Internet Entrepreneur to Stablecoin Founder

David (Host): Tell us about your background.
Jeremy Allaire: Born in Philadelphia in 1971. Graduated from college in 1993, at that time I firmly believed that the internet would fundamentally change communication, media, and software. Later, I founded several companies, including Allaire and Brightcove, both of which went public successfully. It wasn't until 2012 that I began to deeply study cryptographic technology, and then founded Circle in 2013.

AI Era: Will Jobs be Replaced?

Jeremy Allaire: AI is likely to profoundly change the labor market, and indeed many jobs will be replaced. But I tell employees to learn to use AI tools as soon as possible. The most valuable skill in the future will be the ability to collaborate with AI, and this collaboration will create new productivity.

Quantum Computing and Cryptographic Risks

Jeremy Allaire: All modern financial systems rely on cryptography. If quantum computing can break cryptography, the impact would be enormous. Therefore, we are researching quantum-resistant cryptography. Our goal is to have core infrastructure capable of resisting quantum attacks by 2026 to 2027.

What Circle Wants the World to Understand

Jeremy Allaire: I want to emphasize two points:
1. Stablecoin technology is still in a very early stage; this is just the beginning.
2. Circle's goal is not just to issue stablecoins; we are building a complete set of internet financial infrastructure (developer platforms, financial operating systems).
Jeremy Allaire: In the next decade, it is likely that a number of internet financial platform companies will emerge, which will become important infrastructure for the global financial system, and Circle hopes to be one of them.

-- Price

On March 16, 2026, in Dallas, Texas, USA, CanGu Company (New York Stock Exchange code: CANG, hereinafter referred to as "CanGu" or the "Company") today announced its unaudited financial performance for the fourth quarter and full year ended December 31, 2025. As a btc-42">bitcoin mining enterprise relying on a globally operated layout and dedicated to building an integrated energy and AI computing power platform, CanGu is actively advancing its business transformation and infrastructure development.

2025 Full Year and Fourth Quarter Financial and Operational Highlights

• Financial Performance:

Total revenue for the full year 2025 was $688.1 million, with $179.5 million in the fourth quarter.

Bitcoin mining business revenue for the full year was $675.5 million, with $172.4 million in the fourth quarter.

Full-year adjusted EBITDA was $24.5 million, while the fourth quarter was -$156.3 million.

• Mining Operations and Costs:

A total of 6,594.6 bitcoins were mined throughout the year, averaging 18.07 bitcoins per day; of which 1,718.3 bitcoins were mined in the fourth quarter, averaging 18.68 bitcoins per day.

The average mining cost for the full year (excluding miner depreciation) was $79,707 per bitcoin, and for the fourth quarter, it was $84,552;

The all-in sustaining costs were $97,272 and $106,251 per bitcoin, respectively.

As of the end of December 2025, the company has cumulatively produced 7,528.4 bitcoins since entering the bitcoin mining business.

• Strategic Progress:

The company has completed the termination of the American Depositary Receipt (ADR) program and transitioned to a direct listing on the NYSE to enhance information transparency and align with its strategic direction, with a long-term goal of expanding its investor base.

CEO Paul Yu stated: "2025 marked the company's first full year as a bitcoin mining enterprise, characterized by rapid execution and structural reshaping. We completed a comprehensive adjustment of our asset system and established a globally distributed mining network. Additionally, the company introduced a new management team, further strengthening our capabilities and competitive advantage in the digital asset and energy infrastructure space. The completion of the NYSE direct listing and USD pricing also signifies our transformation into a global AI infrastructure company."

"As we enter 2026, the company will continue to optimize its balance sheet structure and enhance operational efficiency and cost resilience through adjustments to the miner portfolio. At the same time, we are advancing our strategic transformation into an AI infrastructure provider. Leveraging EcoHash, we will utilize our capabilities in scalable computing power and energy networks to provide cost-effective AI inference solutions. The relevant site transformations and product development are progressing simultaneously, and the company is well-positioned to sustain its execution in the new phase."

The company's Chief Financial Officer, Michael Zhang, stated: "By 2025, the company is expected to achieve significant revenue growth through its scaled mining operations. Despite recording a net loss of $452.8 million from ongoing operations, mainly due to one-time transformation costs and market-driven fair value adjustments, the company, from a financial perspective, will reduce its leverage, optimize its Bitcoin reserve strategy and liquidity management, introduce new capital to strengthen its financial position, and seize investment opportunities in high-potential areas such as AI infrastructure while navigating market volatility."

Fourth Quarter 2025 Ongoing Operations Financial Performance

Revenue

The total revenue for the fourth quarter was $1.795 billion. Of this, the Bitcoin mining business contributed $1.724 billion in revenue, generating 1,718.3 Bitcoins during the quarter. Revenue from the international automobile trading business was $4.8 million.

Operating Costs and Expenses

The total operating costs and expenses for the fourth quarter amounted to $4.56 billion, primarily attributed to expenses related to the Bitcoin mining business, as well as impairment of mining machines and fair value losses on Bitcoin collateral receivables.

This includes:

· Cost of Revenue (excluding depreciation): $1.553 billion

· Cost of Revenue (depreciation): $38.1 million

· Operating Expenses: $9.9 million (including related-party expenses of $1.1 million)

· Mining Machine Impairment Loss: $81.4 million

· Fair Value Loss on Bitcoin Collateral Receivables: $171.4 million

Profit Situation

The operating loss for the fourth quarter was $276.6 million, a significant increase from a loss of $0.7 million in the same period of 2024, primarily due to the downward trend in Bitcoin prices.

The net loss from ongoing operations was $285 million, compared to a net profit of $2.4 million in the same period last year.

The adjusted EBITDA was -$156.3 million, compared to $2.4 million in the same period last year.

Full Year 2025 Ongoing Operations Financial Performance

Revenue

The total revenue for the full year was $6.881 billion. Of this, the revenue from the Bitcoin mining business was $6.755 billion, with a total output of 6,594.6 Bitcoins for the year. Revenue from the international automobile trading business was $9.8 million.

Operating Costs and Expenses

The total annual operating costs and expenses amount to $1.1 billion.

Specifically, they include:

· Revenue Cost (excluding depreciation): $543.3 million

· Revenue Cost (depreciation): $116.6 million

· Operating Expenses: $28.9 million (including related-party expenses of $1.1 million)

· Miner Impairment Loss: $338.3 million

· Bitcoin Collateral Receivable Fair Value Change Loss: $96.5 million

Profitability

The full-year operating loss is $437.1 million. The continuing operations net loss is $452.8 million, while in 2024, there was a net profit of $4.8 million.

The 2025 non-GAAP adjusted net profit is $24.5 million (compared to $5.7 million in 2024). This measure does not include share-based compensation expenses; refer to "Use of Non-GAAP Financial Measures" for details.

Financial Position

As of December 31, 2025, the company's key assets and liabilities are as follows:

· Cash and Cash Equivalents: $41.2 million

· Bitcoin Collateral Receivable (Non-current, related party): $663.0 million

· Miner Net Value: $248.7 million

· Long-Term Debt (related party): $557.6 million

In February 2026, the company sold 4,451 bitcoins and repaid a portion of related-party long-term debt to reduce financial leverage and optimize the asset-liability structure.

Stock Repurchase

As per the stock repurchase plan disclosed on March 13, 2025, as of December 31, 2025, the company had repurchased a total of 890,155 shares of Class A common stock for approximately $1.2 million.

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