All-In

The Future of Everything: What CEOs of Circle, CrowdStrike & More See Coming in 2026

with Jeremy Allaire, CEO of Circle
25 Jan 2026 17 min read 45m
TL;DR

Stablecoins represent a new infrastructure layer for internet-native money, and Circle's regulated approach—despite being harder and slower than offshore alternatives—positions it to win enterprise adoption. Interest rates inversely correlate with stablecoin adoption, and the newly passed Genius Act creates a level playing field that will attract both legacy competitors and new entrants to the regulated market.

Key Moments
Jeremy Allaire
“when I got started working on this almost 13 years ago um Bitcoin had emerged um and uh it was from my perspective as an internet technologist I was thinking about wow this seems like a new infrastructure layer for the internet like a missing infrastructure layer of the internet.”
Explaining the original vision behind Circle and why stablecoins matter as a foundational technology
▶ 3:22
Jeremy Allaire
“if you want it to work that way, well, you you know, you have to integrate with the existing system and you have to work with policy makers to figure that out. There's just no other way.”
Justifying why Circle chose the regulated, buttoned-up path instead of going offshore like many crypto founders
▶ 7:06
Jeremy Allaire
“the the TAM of legal electronic money today is about $120 trillion and growing because of monetary easing and things like that. But of that, the uh there's about $60 trillion, which is physical cash and non-interest bearing demand deposits.”
Describing the massive addressable market opportunity for stablecoins in global finance
▶ 22:48
Jeremy Allaire
“when interest rates were actually very low, uh, we saw thousand% year-over-year growth, two years straight. So, growth was off the charts. Um, when interest rates actually started to rise, we actually saw declines in circulation.”
Explaining the counterintuitive inverse relationship between interest rates and stablecoin demand
▶ 24:10
Jeremy Allaire
“the the beauty of having the Genius Act Yeah. is that it creates a level playing field. It defines a federal law uh that you have to come in not just be audited, but you're regulated by if you're large by the national bank regulator, the OC, which is a very serious regulator, a serious credential regulator.”
Discussing how the new Genius Act regulatory framework changes competitive dynamics versus unregulated players like Tether
▶ 28:35
About Jeremy Allaire
›
Jeremy Allaire is the CEO and co-founder of Circle, a fintech company focused on stablecoin infrastructure. He's been building digital currency solutions for over a decade, founding Circle to create a bridge between traditional finance and blockchain networks through USDC, the largest regulated stablecoin. At Davos 2026, he discusses the regulatory landscape, competitive dynamics with Tether, and the future of digital money on the internet.
Takeaways
1
**Regulated Stablecoins Win Enterprise Adoption** Circle's buttoned-up approach—full reserve backing, regulatory compliance, audited reserves—is harder and slower than offshore alternatives, but it's the winning strategy for enterprise adoption. Global systemically important banks are now using USDC to move money between branches faster than correspondent banking. This validates the thesis that trust infrastructure matters more than crypto ideology when targeting institutional customers.
2
**Interest Rates Inversely Drive Stablecoin Demand** Stablecoin circulation grows when interest rates fall because lower rates reduce the opportunity cost of holding cash. Circle saw 1,000% YoY growth during low-rate periods and multi-hundred percent growth as rates declined from 5.25% to 3.5%. This means stablecoin adoption is a macro phenomenon tied to monetary policy, not just technology adoption, creating both tailwinds and structural headwinds.
3
**Network Effects Create Durable Competitive Moats** Stablecoins are platform networks where every new integration (Coinbase, Stripe, Shopify, Cash App) adds liquidity and developer network effects. The regulated $60 trillion market of physical cash and demand deposits represents the true TAM, and winners will be determined by which networks achieve the deepest app ecosystem and easiest on/off ramps into banking systems globally.