Crypto: Circle CEO Says Usdc Is A Neutral Layer, Not A Rival To Visa Or...

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.

He also said the long-term implications of stablecoins remain unknown.

Asked whether the stalled Digital Asset Markets Clarity bill could pass in the US Congress this year, Allaire said: “There’s clearly a bipartisan desire to do that,” adding that the bill extends beyond stablecoins to address the broader use of digital tokens in capital markets, which is in the interest of traditional banks and crypto companies alike.

Circle is the issuer of USDC (USDC), the second-largest stablecoin by market capitalization. The company went public in June 2025, pricing its initial public offering at $31 per share before opening trading at $69.

The stock rose as high as $263.45 in late May, but has since retraced to $72, according to Yahoo Finance data.

Related: Bermuda partners with Coinbase and Circle for ‘fully onchain‘ economy

The rapid expansion of the stablecoin market has brought a wave of new competitors challenging Circle’s position.

Source: CoinTelegraph