At Davos, Jeremy Allaire said Circle’s stablecoin functions as shared infrastructure rather than a competitor to banks or card networks.
Circle CEO Jeremy Allaire said the company views its dollar-pegged stablecoin as neutral financial infrastructure with network effects, rather than a product meant to compete with existing payment companies.
Speaking on CNBC’s Squawk Box during the World Economic Forum at Davos, Switzerland, Allaire said Circle does not view card networks such as Visa or Mastercard as competitors, describing them instead as “significant partners.”
According to Allaire, stablecoins are “network effect businesses,” with usage and circulation increasing as more developers and institutions integrate, adding that Circle operates as a “neutral company” that does not compete with banks, payment companies or exchanges.
