Circle CEO Predicts Stablecoins Will Disrupt Finance Like the iPhone Did in 2007
Move over, Apple—crypto''s about to have its ''iPhone moment.''
Stablecoins—the dollar-pegged crypto tokens that Wall Street still loves to hate—are poised for mass adoption, according to Circle CEO Jeremy Allaire. And he''s betting they''ll revolutionize finance faster than you can say ''blockchain.''
Why the comparison?
Allaire sees parallels between today''s stablecoin infrastructure and pre-2007 mobile internet: clunky but transformative. Just as the iPhone bundled connectivity into a sleek package, he argues regulated stablecoins will bundle global payments into something your grandma might actually use.
The cynical take
Of course, bankers will insist this is different—right up until they launch their own stablecoin ETFs. Because nothing accelerates innovation like the fear of missing out on fees.
One thing''s certain: when the suits start comparing crypto to consumer tech, the game''s changed. Buckle up.
Retail giants and e-commerce leaders embrace stablecoins
Allaire’s Optimism coincides with reports that US retail giants Walmart and Amazon are exploring their own US dollar-backed stablecoins, signaling increased institutional interest. Meanwhile, e-commerce powerhouse Shopify recently confirmed plans to integrate Circle’s USDC stablecoin for payments by the end of 2025.
The global e-commerce giant is rolling out the early access in collaboration with major US exchange Coinbase. According to a spokesperson for Shopify, a limited number of merchants will immediately have access to the full product starting on June 13 as part of the early access rollout.
Shopify CEO Tobi Lutke said in an X post on Thursday that they think that stablecoins are a natural way to transact on the internet and worked with Coinbase to develop the commerce payment protocol smart contract that powers this work.
Daren Matsuoka, a data scientist at a16z, emphasized the transformative potential of stablecoins in onboarding the next billion crypto users.
In a June 6 post, he highlighted the staggering $33 trillion in transaction volume processed by stablecoins over the past year — nearly 20 times more than PayPal and almost three times that of Visa.
Circle surges as stablecoin momentum grows and the GENIUS Act advances
The spike in the adoption of stablecoin comes just days after the public debut of Circle on the New York Stock Exchange on June 5. Shares of the company jumped 167% on its first day of trading, a sign of keen investor interest.
However, rival stablecoin USDT’s issuer, Tether, has no intention of following suit. Tether CEO Paolo Ardoino said on June 8 that Tether will continue to be a private company for the foreseeable future.
Allaire’s forecast of an “iPhone moment” for stablecoins is starting to look plausible as competition heats up and use cases multiply.
The future of stablecoin issuance for many companies may depend on the passage of the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act.
This bill seeks to establish clear rules around collateralization and enforce Anti-Money Laundering compliance. These regulations could pave the way for greater institutional adoption in the world’s largest US economy.
On Thursday, the US Senate advanced the bill with a 68–30 vote, as Majority Leader John Thune called on lawmakers to rally behind the legislation. A bipartisan majority, including several Democrats, voted to invoke cloture, moving the bill toward a full floor vote before it heads to the House of Representatives.
Meanwhile, firms associated with major banks like JPMorgan, Bank of America, Citigroup, and Wells Fargo have reportedly explored launching a joint stablecoin initiative.
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