Jeremy Allaire is the co-founder, chairman, and CEO of Circle, known for USDC, a regulated stablecoin that is fully backed by U.S. dollars. The Cetre Consortium led by Circle and Coinbase, manages USDC, which currently has a market capitalization of over $26 billion and a trading volume of over $800 billion.
Recognizing the potential of the early internet
In 1993, Allaire graduated from Macalester College with a bachelor's degree in economics and political science and philosophy. During this period he had the opportunity to gain access to the early web, with help from his dorm roommate who was in the college’s computer services group.
Along with his brother J.J. Allaire, built their first company, Allaire Corporation, on the principle of simplifying website development. Their creation of ColdFusion, the pioneering web programming language, contributed significantly to the internet boom, attracting a broad customer base. Allaire Corporation publicized in 1999 and was subsequently acquired by Macromedia (later Adobe) in 2001.
Serving as CTO at Macromedia, Jeremy initiated Project "CODENAME Vista" to streamline capturing, uploading, and publishing web-based videos. Despite his vision of a video publishing revolution on the Web, driven by the widespread use of Flash Player and expanding broadband and WiFi access, Macromedia decided against further project development, prompting Jeremy to exit the company.
Transitioning into an entrepreneur-in-residence role at General Catalyst Partners, Jeremy concentrated on spotting investment opportunities in areas such as broadband media, mobile content, and Internet security. Under the banner of Video Marketplace, he built a team that would eventually form the backbone of his next venture.
He founded Brightcove, introducing Media Studio, a service allowing consumers to order digital content and watch it at their leisure. After going public in 2012, Jeremy transitioned from CEO to chairman of the board in 2013.
Founding Circle after becoming fascinated with Bitcoin
Allaire's exposure to Bitcoin sparked his interest in blockchain technology as a groundbreaking infrastructure for financial services on the internet. Drawing from his experience in witnessing the internet's early potential and offering video services, he saw parallel opportunities with blockchain technology. This interest led him to establish Circle and issue a stablecoin known as USDC.
Beyond USDC, Circle provides an array of services such as custody solutions, blockchain management infrastructure, and enterprise yield services. The company is committed to fostering open standards and protocols to facilitate smooth fund transactions online, enabled by interoperability among various platforms and chains.
Recognizing the necessity for robust regulation for the cryptocurrency industry to thrive, he urges industry participants to actively engage with policymakers and educate them about the potential benefits of cryptocurrency and blockchain. This conviction is reflected in Circle's active participation in associations like Coin Center, Blockchain Association, and the Digital Chamber of Commerce to contribute to regulatory discourse and support the growth of the cryptocurrency ecosystem.
Predicting that the future will be a blockchain-based digital finance era in 10 years, he pointed out that "embracing digital currencies, such as stablecoins, is crucial for the US dollar to retain its position of strength in the global economic system". If the use of CBDCs or stablecoins is popularized first in China or Europe, rather than the U.S., he argues that a digital yuan or digital euro could become the reserve currency in the future of blockchain-based digital finance.