Circle, the stablecoin issuer, has a $1 billion cash reserve to protect against a declining market cap and increasing competition from traditional finance and tech industries, according to CEO Jeremy Allaire. In an interview with Bloomberg, Allaire discussed the growing competition from companies like PayPal entering the stablecoin space. Circle is known for its USDC stablecoin, backed by the US dollar. Despite a reported revenue of $779 million for H1 2023, Circle's market share in the stablecoin sector has dropped from $45 billion to $26 million in seven months.