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Speaker 1: One of the most successful IPOs in twenty twenty five

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Speaker 1: was the IPO of Circle, a regulated stable coin network.

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Speaker 2: The company was the brainschild of Jeremy A. Laire.

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Speaker 1: I recently had a chance to sit down with Jeremylaire

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Speaker 1: to talk about what a regulated stable coin network is

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Speaker 1: and why it's the future of banking. The company is

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Speaker 1: now has a market capitalization today of about what twenty

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Speaker 1: somethings around there, twenty billion dollars. That's pretty good, and

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Speaker 1: you own about ten percent of the company close to that,

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Speaker 1: so you're a happy guy.

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Speaker 3: I've been building the company for twelve and a half years.

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Speaker 3: It's been a very long journey to build it, and

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Speaker 3: a company that very few people believe could achieve what

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Speaker 3: it has, so I feel great about what we've been

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Speaker 3: able to build. What I would say, though, and it

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Speaker 3: relates to the IPO as well, is what's motivating to

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Speaker 3: me is that you know, we're actually an early stage company.

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Speaker 3: This is super early in terms of what we envision

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Speaker 3: in being possible and what we can build. And so

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Speaker 3: while the numbers or this or that are are interesting

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Speaker 3: or compelling for different reasons, what's exciting to me is

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Speaker 3: that you know, by becoming a publicly held institution, the

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Speaker 3: general public can participate in how we build this company

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Speaker 3: over the long run. And you know, the law that

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Speaker 3: even made what we do kind of enshrined in federal

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Speaker 3: law and part of the global financialism just passed and

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Speaker 3: it's not even in effect. So we're in the early

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Speaker 3: days of this and so that's really motivating to me,

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Speaker 3: is what we can accomplish.

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Speaker 2: Still, what year did you start the company?

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Speaker 4: In twenty thirteen and.

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Speaker 2: Who gave you your initial capital?

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Speaker 3: So our original investors were General Catalyst, Jim Bryer and

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Speaker 3: Excel were the kind of founding.

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Speaker 1: Investment they made on their money they did well well wow, okay,

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Speaker 1: And to get the circle off the ground it took

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Speaker 1: how much capital million?

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Speaker 2: Fifteen to twenty.

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Speaker 3: Yeah, I mean in the first couple of years we

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Speaker 3: raised around twenty five million dollars.

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Speaker 2: And did people know what a stable coin was in

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Speaker 2: those days?

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Speaker 3: Well, there was no such thing as a stable coin then.

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Speaker 3: But when we started the company, what we explained was

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Speaker 3: this new technology cryptocurrency, blockchains, was going to make it

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Speaker 3: possible to build a way to put dollars on the

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Speaker 3: Internet in the same way that we have protocols for

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Speaker 3: how information moves around, like the web protocols or email

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Speaker 3: protocols or voice protocols.

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Speaker 4: And all these things.

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Speaker 3: There are going to be these new protocols for money

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Speaker 3: on the Internet that will allow very safe forms of

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Speaker 3: dollars to be operated that way. And that was the idea,

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Speaker 3: and you couldn't do it. In twenty thirteen.

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Speaker 1: What is a stable coin and what does Circle actually

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Speaker 1: do with stable coins?

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Speaker 3: We now have a law that defines what a stable

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Speaker 3: coin is in the United States, so I'll use that definition, okay.

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Speaker 3: A payment stable coin is a digital currency that is

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Speaker 3: issued on the Internet on a blockchain that is backed

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Speaker 3: completely one for one by high quality, safe liquid assets

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Speaker 3: so US government treasury bills and cash, and by issuing

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Speaker 3: it on these networks, it allows these digital dollars to

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Speaker 3: be used on the Internet, just like we can use

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Speaker 3: any form of data and information as well. So it

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Speaker 3: is a form of digital currency dollars that is fully

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Speaker 3: backed and held. And it's called a stable coin because

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Speaker 3: of course, historically cryptocurrencies were not stable and volatile, and

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Speaker 3: that's really where the name came from. And Circle we

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Speaker 3: operate an Internet platform across a whole range of technologies.

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Speaker 3: But the core franchise is we run the largest regulated

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Speaker 3: stable coin network in the world for handling stable coins

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Speaker 3: and storing and moving them all around the Internet.

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Speaker 1: Well, why do I need a stable I've been using

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Speaker 1: banks for years. What's wrong with my banks? If I

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Speaker 1: want to send money to Istambule, I just tell the

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Speaker 1: bank wire the money. What's wrong with that system?

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Speaker 3: Well, if you talk to anyone who's trying to move

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Speaker 3: money to Istumbul, it actually turns out it's very time consuming,

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Speaker 3: very slow, there's a lot of barriers, there's tends to

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Speaker 3: be excessive fees.

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Speaker 4: Sometimes it gets lost.

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Speaker 3: And in fact Turkey is a great example because in

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Speaker 3: Turkey there's extraordinary demand for USDC and stable coins right

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Speaker 3: now because in a place like Turkey, people want dollars.

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Speaker 3: They don't want lira, they want digital dollars that they

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Speaker 3: can just use from their mobile phones that they can

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Speaker 3: just like you can make a peer to peer a

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Speaker 3: phone call with someone, it doesn't cost you anything. People

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Speaker 3: and businesses have figured out in Turkey, just as one example,

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Speaker 3: that they can transact with each other directly without an intermediary,

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Speaker 3: instantly with virtually no cost. And so it's actually becoming

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Speaker 3: a substitute for banking. And in fact, the nice thing

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Speaker 3: about stable coins, especially well regulated, well run stable coins,

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Speaker 3: is they're very safe because they don't actually lend the

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Speaker 3: money or take risk with the money. They just are

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Speaker 3: holding it in these ultra safe instruments. So holders of

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Speaker 3: these are saying, Wow, this is a super safe digital

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Speaker 3: dollar that I can use, just like I can use

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Speaker 3: WhatsApp or use like the Internet as a whole.

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Speaker 1: Well, that's such a great idea. How come everybody isn't

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Speaker 1: doing it? How come you don't have a thousand competitors.

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Speaker 3: Well, historically there actually have been hundreds of companies that

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Speaker 3: have launched stable coins, and hundreds of these have launched

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Speaker 3: and are you know, as one of my colleagues says,

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Speaker 3: stable and name only. And it's only very recently, just

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Speaker 3: the past couple of years, that there been regulations on this.

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Speaker 3: We've advocated for regulations from day one, but the regulations

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Speaker 3: have come into effect, and in particular in the United States,

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Speaker 3: but in Japan and Hong Kong and Europe and all

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Speaker 3: over the world.

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Speaker 4: There's regulations on this.

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Speaker 3: But once you have that regnatory clarity, then there's sort

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Speaker 3: of an open, free, competitive market, and so there are

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Speaker 3: a lot more companies getting involved in this now, and

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Speaker 3: so we're going to have we already have more competition,

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Speaker 3: there's going to be a lot.

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Speaker 1: More Ten years from today, will banks be around to

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Speaker 1: wire money anywhere? Will your system take over what banks

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Speaker 1: do today.

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Speaker 3: Over a ten year period, software utilities that are built

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Speaker 3: entirely on and open internet infrastructure on the public Internet

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Speaker 3: with software are going to exist and likely be as

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Speaker 3: large or larger than the biggest banks in the world.

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Speaker 4: But those many of these banks.

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Speaker 3: Will also figure out, hey, I can build on this

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Speaker 3: technology too, just like media companies have made that move,

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Speaker 3: or communications companies have gotten involved in the Internet as well.

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Speaker 1: You went public last year, yes, right, and you're underwriters

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Speaker 1: priced it at thirty one dollars.

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Speaker 4: A share, right, that's right.

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Speaker 2: And at the end of the day, what was the

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Speaker 2: stock price?

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Speaker 4: It was around eighty dollars.

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Speaker 1: And did you think maybe they had underpriced it and

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Speaker 1: you left a lot of money on the table.

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Speaker 3: When you're doing an IPO, as you know, you're trying

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Speaker 3: to do a couple of things. You're trying to get

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Speaker 3: as broad of a base of investors involved as you can,

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Speaker 3: especially major investors.

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Speaker 4: We did that.

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Speaker 3: We had a deal that we actually started with the price,

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Speaker 3: we upsized the price multiple times, and then we priced

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Speaker 3: yet again above that. We increased the size of the

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Speaker 3: deal significantly, so we grew the capacity of it all

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Speaker 3: the way throughout that. So we had all of these

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Speaker 3: things that were happening, and then the deal was twenty

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Speaker 3: five times oversubscribed on roughly a billion, so twenty five

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Speaker 3: billion dollars of demand, and so that we knew we

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Speaker 3: had a great investor base, but it was really hard

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Speaker 3: to know, you know, what that was going to do

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Speaker 3: in the market. There hadn't been a lot of IPOs.

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Speaker 3: In fact, we were like the first major IPO. The

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Speaker 3: IPOs that had come hadn't been these spectacular things, so

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Speaker 3: it was hard to know. There aren't many companies like this,

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Speaker 3: and so I think, you know, they're ended up being

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Speaker 3: a lot of individuals and family offices and others that

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Speaker 3: wanted to own stock. And obviously that that performed very well.

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Speaker 1: Now in the technology world, everybody the United States always says,

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Speaker 1: we have to worry about the Chinese. The Chinese are

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Speaker 1: going to take our technology, improve it, or do something different.

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Speaker 1: Is there a Chinese company that's equivalent to.

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Speaker 4: Circle, there's not.

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Speaker 3: And in fact, what's interesting about this space is for

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Speaker 3: those that are familiar with the kind of the early

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Speaker 3: DNA of the Internet, the Internet has, you know, you know,

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Speaker 3: kind of open accessible, permissionless, decentralized, open source like these

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Speaker 3: are like the fabric of what's given the Internet so

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Speaker 3: much of its of its strength. And in fact, those

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Speaker 3: ideas are inherently come out of I would call the

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Speaker 3: Liberal Enlightenment. They're they're Liberal Enlightenment ideals and they're expressed

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Speaker 3: in technology and software and protocols, and I think that's

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Speaker 3: that's intrinsic in blockchains as well.

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Speaker 4: Those ideals are express there.

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Speaker 3: And so if you're a society that is fundamentally built

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Speaker 3: around centralization, total control, you know, et cetera, and where

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Speaker 3: you know, privacy or freedom are not the highest ideals,

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Speaker 3: you don't end up building things like this.

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Speaker 1: Well, let's go back and talk about your background for

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Speaker 1: a moment. Where were you born.

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Speaker 3: I was born in Philadelphia in nineteen seventy one, giving.

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Speaker 1: My age, okay, and then did your family move from there?

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Speaker 4: We did.

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Speaker 3: We moved when I was around eleven years old to

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Speaker 3: a small town in Minnesota.

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Speaker 4: We knowna Minnesota, Southeastern Minnesota.

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Speaker 2: So you moved to Minnesota.

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Speaker 3: Yeah, and you have a brother, my brother, Yes, I

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Speaker 3: have a brother, Okay, and he's actually here too.

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Speaker 2: Where is he?

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Speaker 4: Oh?

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Speaker 2: There he is?

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Speaker 1: Okay, well I see he's got the same hairline you have, right, okay, okay,

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Speaker 1: all right, So all you moved to Minnesota. And then

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Speaker 1: were you a good student? And yeah, I think so.

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Speaker 3: I was more interested in debate and modeling model United Nations?

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Speaker 1: Right, So you did well in high school, I assume.

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Speaker 1: And then where did you go to college?

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Speaker 3: I went to McAllister College in the uncity water Mondale

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Speaker 3: School Walter Mondale kofian on ye.

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Speaker 1: CoFe on water Mondal On you Okay, you're more famous

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Speaker 1: than those guys, now, okay, all right, So.

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Speaker 2: After you graduated, what did you do?

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Speaker 3: So when I graduated, it was nineteen ninety three, and

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Speaker 3: I thought I would get a job in policy work

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Speaker 3: because I did political science and philosophy and there wasn't

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Speaker 3: really easily accessible policy work. But while I was in college,

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Speaker 3: I had become really obsessed with the internet in pre

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Speaker 3: commercial internet days, starting in like nineteen ninety got really

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Speaker 3: excited about it, and shortly after graduating college.

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Speaker 4: I just said, you know what, like this is going.

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Speaker 3: To be the future, and I'm I'm an Internet consultant.

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Speaker 3: When I decided I'm an internet.

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Speaker 2: Consultant, what did your parents say?

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Speaker 4: They said, I was My dad was very concerned. He's

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Speaker 4: very concerned.

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Speaker 1: In internet consultant. In nineteen ninety there wasn't much of internet.

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Speaker 2: Was there.

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Speaker 4: I mean there was Gopher?

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Speaker 2: Okay, So you as a consult did you have any clients?

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Speaker 3: I did, so I started, I started working with I

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Speaker 3: got connected into marketing agencies, some like PC firms, others

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Speaker 3: basically who wanted to And this was in nineteen ninety three.

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Speaker 3: The very first web browser, the very first graphical web

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Speaker 3: browser came out in nineteen ninety three, and I got

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Speaker 3: really excited that wow, this is going to reshape how

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Speaker 3: communications and media and software works. And so I just said,

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Speaker 3: everyone needs to build on the web. And so I

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Speaker 3: started creating web web stuff I did.

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Speaker 4: They would pay me by the hour.

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Speaker 2: The hour, yes, okay? And did you know Steve Case then?

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Speaker 3: Or I of course knew Steve Case, but I didn't

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Speaker 3: know him personally until much later when he invested in

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Speaker 3: my next company.

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Speaker 1: Really okay, so do you started a company, another company

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Speaker 1: after the Internet consulting company.

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Speaker 2: Yes, and what was that cleverly named?

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Speaker 3: Well, so that was actually a name chosen by my

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Speaker 3: brother called a Layer corporate.

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Speaker 2: Layer conquestion, was it hard to get that name?

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Speaker 4: I think we still have the domain in person.

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Speaker 3: We bought it from Adobe, who ended up owning the

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Speaker 3: company and its asset.

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Speaker 4: Right.

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Speaker 2: So you started a layer corporation or company. What did

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Speaker 2: it do?

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Speaker 4: So?

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Speaker 3: A layer built some of the very first software products

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Speaker 3: to create interactive applications on the web. So in nineteen

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Speaker 3: ninety four nineteen ninety five, the idea was, hey, instead

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Speaker 3: of building software that gets put on a personal computer,

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Speaker 3: you could build software that is distributed through a web browser.

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Speaker 3: And the first product, called cold Fusion, created a very

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Speaker 3: simple way for someone who was not that technical to

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Speaker 3: create software programs.

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Speaker 2: And you ran on the web and it were you

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Speaker 2: still living in.

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Speaker 4: Minnesota, Yeah, in the twins.

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Speaker 1: Anybody that probably wasn't the center of the internet world

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Speaker 1: at the time.

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Speaker 3: Well, our venture capital investors in fact, said you got

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Speaker 3: to move.

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Speaker 2: So did you actually move at some point?

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Speaker 4: We did? Uh?

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Speaker 3: And And as the story goes, uh uh. My brother

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Speaker 3: and other colleagues were signing a lease in Silicon Valley

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Speaker 3: in Menlo Park to move the company there because that

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Speaker 3: was where the Internet was going to happen. But the

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Speaker 3: venture capital firm, which was a startup VC at the time,

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Speaker 3: Polaris Venture Partners, said, you know, all their all their

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Speaker 3: kind of contacts were out on the East Coast and

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Speaker 3: in the Boston area, and so we actually said, well,

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Speaker 3: you know what, We'll go to Boston. We had East

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Speaker 3: Coast heritage, as you know, some of the founders, my

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Speaker 3: brother and I, and we thought, you know, building a company,

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Speaker 3: a tech software company there was will sort of be

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Speaker 3: easier than being crowded out.

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Speaker 1: In Okay if you moved to Boston. Yes, how big

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Speaker 1: did the company become?

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Speaker 3: So that company grew to over one hundred million revenue,

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Speaker 3: went public in early nineteen ninety nine.

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Speaker 1: So when the Great Internet bubble burst occurred in ninety eight,

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Speaker 1: ninety nine, two thousand, what happened to your company?

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Speaker 3: We had a great franchise, meaning we had an incredibly

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Speaker 3: loyal customer base, and over time, literally millions of developers

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Speaker 3: used our software to build websites and applications. And we

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Speaker 3: decided to merge with another internet software company called Macromedia

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Speaker 3: that made some of the most popular tools for building

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Speaker 3: the web and building content on the web. We merged

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Speaker 3: the companies together, two public companies.

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Speaker 1: And what was it then called a layer of Macromi

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Speaker 1: that was just Macromedia perfectively.

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Speaker 2: You gave up the Laranam Yes, okay? And how long

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Speaker 2: did you stay at Macromedia?

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Speaker 4: For about two years?

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Speaker 2: Really okay? And then when you left, what did you

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Speaker 2: do next?

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Speaker 3: Well, So, while I was at Macromedia, I was the

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Speaker 3: chief technology officer, and we released into the market technology

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Speaker 3: called flash You many of you probably remember flash Player.

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Speaker 4: You couldn't use the Internet that using flash Player, thank you?

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Speaker 4: All right?

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Speaker 3: We actually in two thousand and two put the best

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Speaker 3: video technology that the Internet had ever seen into flash

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Speaker 3: and within a year, every computer in the world, ninety

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Speaker 3: eight percent of computers in the world could play back

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Speaker 3: video more smoothly. And I got very excited about this,

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Speaker 3: and I got excited that you know, there's going to

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Speaker 3: be a video publishing revolution and that every person, every business,

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Speaker 3: every media company could be transformed, and essentially television would

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Speaker 3: move to the Internet.

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Speaker 4: And so this was in two thousand and two. In

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Speaker 4: two thousand and three, I left.

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Speaker 3: And then went as an entrepreneur in residence at General Catalyst.

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Speaker 2: Which is a venture capital firm venture.

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Speaker 3: Capital firm in Cambridge at the time, and they were

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Speaker 3: a startup VC really then and incubated this idea and

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Speaker 3: then founded it officially in two thousand and four.

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Speaker 2: That company was break Cove.

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Speaker 3: Break Cove grew over the next half a decade. We

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Speaker 3: had a successful IPO in twenty twelve, and the company

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Speaker 3: powered many of the television and media streaming infrastructures for

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Speaker 3: a lot of media companies, major brands and others.

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Speaker 2: So we took two companies public. That's a lot. And

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Speaker 2: so has bright Cove now been bought by somebody else here.

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Speaker 4: It has been. It's a private equity firm.

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Speaker 1: Took in private, okay, So after that company was bought

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Speaker 1: or sold.

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Speaker 3: I took break Republic in twenty early twenty twelve, and

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Speaker 3: I got immersed in this whole technology of crypto later

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Speaker 3: in twenty twelve, and then I stepped down as CEO

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Speaker 3: in the beginning of twenty thirteen, and then I started Circle.

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Speaker 3: When I started the company, I told the early employees

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Speaker 3: and the early board members and investors, this is like

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Speaker 3: a ten to twenty year thing to accomplish what we

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Speaker 3: think we can accomplish and now, and I look at

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Speaker 3: where we are, where I look at where I see

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Speaker 3: the progression of this technology and the future impact, and

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Speaker 3: I'm like, there's another ten to twenty years here. So

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Speaker 3: I'm trying to build a very long lasting institution, and

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Speaker 3: I think it can be fundamental to changing not just

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Speaker 3: the financial system, but the way the broader economic system works.

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Speaker 1: People have accept the idea you can move value from

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Speaker 1: one country to another very rapidly, maybe quicker than banks can.

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Speaker 1: What is inning two and three? What are the next

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Speaker 1: things you're going to do to build on this?

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Speaker 3: The kind of first order of business is how do

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Speaker 3: we establish sort of very safe forms of money, like

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Speaker 3: what I call full reserve money, not fractional reserve money,

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Speaker 3: so fully reserved forms.

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Speaker 4: Of money on the Internet. We're getting there.

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Speaker 3: And the idea behind this is this is general purpose,

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Speaker 3: general architecture money. And as I like to say, USDC

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Speaker 3: can be used to make a micro payment between two

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Speaker 3: AI agents at in a fraction of a second, at

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Speaker 3: a fraction of a cent, and it is being used

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Speaker 3: that way, and it can also be used between two

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Speaker 3: huge institutions to settle a billion dollar transaction and everything

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Speaker 3: in between. And I think so we're just getting to

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Speaker 3: that point and now enshrined in law that this can

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Speaker 3: be utilized whether.

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Speaker 4: It's in.

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Speaker 3: Big heavy things like capital markets, or in lending or

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Speaker 3: in payments.

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Speaker 4: It can be used in all these different areas.

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Speaker 1: So have a stable coin and make it stable, you

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Speaker 1: need to have something behind it, which is let's say

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Speaker 1: dollar reserves.

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Speaker 4: That's right.

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Speaker 2: So, now where do you get your dollars from?

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Speaker 4: People give us their dollars.

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Speaker 2: They give you dollars, yes, do you give them interest?

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Speaker 2: Or what do you do?

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Speaker 4: We do not pay interest?

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Speaker 3: In fact, all around the world we're prohibited from paying interest.

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Speaker 2: All right, So let me ask you.

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Speaker 1: I want to know about the future, because the future

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Speaker 1: is where I want to invest. So is artificial intelligence

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Speaker 1: is going to be good for society? And are people

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Speaker 1: going to lose their jobs or people going to get

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Speaker 1: more jobs because of artificial intelligence.

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Speaker 3: It's very likely in my view that artificial intelligence is

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Speaker 3: going to pretty dramatically disrupt the labor market as we

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Speaker 3: know it today, and it's going to uh, you know,

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Speaker 3: I think there's huge numbers of human labor jobs that

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Speaker 3: will be replaced by AI.

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Speaker 2: Not private equity though never, never.

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Speaker 4: Never, never, I do.

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Speaker 3: I do think that there's going to be a huge,

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Speaker 3: a huge amount of displacement from from AI and at

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Speaker 3: the same time, and this is what you know, what

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Speaker 3: I tell all my employees, we have a very aggressive

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Speaker 3: AI adoption posture in our company. And what I've told

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Speaker 3: you know every employee in the company is you want

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Speaker 3: to become really good at using these tools. It's sort

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Speaker 3: of like when personal computers came out, you could have

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Speaker 3: chosen to learn how to use a spreadsheet or word

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Speaker 3: process or when the Internet came out, you could have

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Speaker 3: chosen to like decide to figure out all this stuff.

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Speaker 3: Like these are choices that people make and in their

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Speaker 3: careers they have to make these choices.

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Speaker 4: Now, not everyone has.

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Speaker 3: That opportunity, So I'm I'm obviously it's it's different because

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Speaker 3: I'm I'm sort of shepherding this. But my view is

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Speaker 3: that the capabilities that humans will have and do have

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Speaker 3: already through the application of AI are extraordinary and will

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Speaker 3: continue to be extraordinary, and so human capital and AI

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Speaker 3: AI labor are going to work closely together, and it's

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Speaker 3: that orchestration of that that is going to be some

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Speaker 3: of the highest value labor that's out there.

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Speaker 1: What about quantum computing is that the next wave of

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Speaker 1: the future.

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Speaker 2: Is that going to happen?

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Speaker 3: All of the fundamental infrastructure that we run on is

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Speaker 3: built on cryptography. Crypto is cryptography, and it's applied cryptography,

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Speaker 3: and it uses cryptography for uh security uses cryptography for

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Speaker 3: kind of kind of systems to prove data and other things.

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Speaker 3: And so cryptography and the resilience of cryptography is a

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Speaker 3: really critical thing. And so when people think about quantum,

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Speaker 3: one of the first things they think about is breaking cryptography.

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Speaker 3: And if you can break cryptography, then all bets are off, right.

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Speaker 3: You can just pour into an energy grid, or you

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Speaker 3: could take over banks, you could do whatever.

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Speaker 4: And so.

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Speaker 3: As we build our systems, we're studying what is you know,

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Speaker 3: what is quantum cryptography going to look like? What is

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Speaker 3: quantum resistant cryptography cryptography.

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Speaker 4: Going to look like?

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Speaker 3: And we're actively working on engineering and working in communities

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Speaker 3: that are working on quantum resistant tech.

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Speaker 4: Now, when people sort of say.

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Speaker 3: Well, what's the time horizon on that, you hear a

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Speaker 3: lot of different estimates on that. But I think we

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Speaker 3: feel compelled that in twenty twenty six and twenty twenty seven.

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Speaker 3: We need to have infrastructure that is quantum ready, if

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Speaker 3: you will, from a security perspective. So I don't know

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Speaker 3: what that means in terms of when it's available, Obviously,

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Speaker 3: the implications are extraordinary in terms of this scale of

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Speaker 3: compute and what it could be applied in. And I think,

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Speaker 3: obviously when you think about quantum in coordination with other

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Speaker 3: technology things that we have going on, it's.

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Speaker 1: Pretty interesting techechnology. Well, so this example, I'm using what

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Speaker 1: I call a last adopter. I'm still trying to use

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Speaker 1: a BlackBerry, but then nobody else wants to use them.

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Speaker 1: So what do you use for technology?

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Speaker 2: You have?

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00:22:10,240 --> 00:22:12,760
Speaker 1: How many computers do you have? Do you have iPads?

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Speaker 1: How many smartphones you use? And how often do you

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Speaker 1: spend your how many hours a day do you spend

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Speaker 1: looking at your screens?

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Speaker 3: I use an iPhone, I use tablets, I use laptops,

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Speaker 3: and I have a ride of those and some that

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Speaker 3: I will use strictly for personal reasons and others.

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Speaker 1: For it so work, you should be worried about people

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Speaker 1: hacking you? So absolutely, so you have a pretty good

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Speaker 1: anti hacking system.

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Speaker 4: We have a lot of cybersecurity.

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Speaker 1: What do you want most people to leave here tonight

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Speaker 1: knowing about Circle.

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Speaker 4: I would say a couple of things.

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Speaker 3: I think the first is that we're still in the

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Speaker 3: very early days of this technology. And while the aggregate

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Speaker 3: numbers sound really big, there's you know, trillions of dollars

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Speaker 3: of transactions and all this stuff, we're really really in

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Speaker 3: the early days. And if you think about what Circle's

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Speaker 3: trying to do, we are really We're not just our

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Speaker 3: stable coin network. We're building a whole set of infrastructure,

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Speaker 3: operating system, infrastructure platforms for developers, these monetary systems, and

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Speaker 3: utilities to use all of this. And our view is

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Speaker 3: that over the next ten years there are going to

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Speaker 3: be just like we've had internet platform companies that came

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00:23:23,440 --> 00:23:27,600
Speaker 3: up for say communications, or for digital media, or for

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00:23:27,680 --> 00:23:31,160
Speaker 3: selling products and services, or for mobile handsets and other things,

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Speaker 3: we believe that over the next ten years they are

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Speaker 3: going to be very significant Internet financial platform companies that

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Speaker 3: are major utilities for the way the financial and economic

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Speaker 3: system work. And we hope to be one of those.

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Speaker 3: We're working on that.

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Speaker 1: Thanks for listening to hear more of my interviews. You

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00:23:48,680 --> 00:23:52,840
Speaker 1: can subscribe and download my podcast on Spotify, Apple, or

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Speaker 1: wherever you listen