Jeremy Allaire, cofounder of Circle, the company behind USDC stablecoin, has dropped a motivational post on X. Allaire emphasized the importance of persistence in the cryptocurrency industry in the post. He did this by highlighting his role in the birth of the GENIUS Act.
Jeremy Allaire reflects on Circle’s early struggles
The Circle CEO recalled how many stakeholders, including investors, regulators and even family members, doubted him when he conceived the idea of Circle in 2013. According to him, the idea that money could move just like information on the internet, cheaply, instantly and globally, was unbelievable to many.
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However, with 12 years of persistence, patience and collaboration, the stablecoin sector has witnessed massive growth. Allaire noted that, working with regulators and lawmakers, legislation to regulate the sector has finally seen the light of day.
“Are you out of your mind?”
That’s what I heard more than once in the early days of Circle.
Twelve years later, the GENIUS Act has been signed into law, and we can now say the internet of money has arrived. 🧵
— Jeremy Allaire – jda.eth / jdallaire.sol (@jerallaire) August 18, 2025
For context, the GENIUS Act is landmark legislation for the crypto industry in the U.S., particularly for stablecoins. The act provides a regulatory framework and transparency for fiat-backed stablecoins.
Allaire is stating that if he had given up when many did not believe in Circle, or thought that “internet money” was crazy, these gains would not have been achieved. In a nutshell, he said that large systems do not change overnight, announcing that the internet of money has arrived.
Circle’s market position
Circle currently ranks second on the stablecoin market, with a market capitalization of $68.14 billion. It is surpassed only by Tether, whose market cap stands at $166.81 billion.
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Meanwhile, earlier in May 2025, the rumor of Ripple acquiring USDC was widespread, with the XRP-backed company offering $20 billion. However, the deal unraveled as Circle filed for an IPO with the New York Stock Exchange.
In July, John Deaton, pro-Ripple lawyer, had to dismiss speculation that Circle posed a threat to XRP. Deaton maintained that XRP is not a stablecoin, nor is it trying to be USDC.