Circle CEO Jeremy Allaire dodged questions about Bitcoin’s weak performance this year in an interview with CNBC. He is focused on building not digital dollars, but a future in which money is managed by AI-powered software.
The U.S. Office of the Comptroller of the Currency (OCC), which regulates banks, is preparing final rules for the GENIUS Act—a 2025 law establishing how dollar-pegged stablecoins may be issued. Allaire says this move secures a distinct niche for his sector.
Why Circle's CEO is ignoring bitcoin
CNBC's Sima Modi asked why bitcoin has risen more slowly than the market this year, if the future belongs to crypto. Here's what Circle's CEO said:
“I don't really follow how individual digital assets are trading or what's happening with them.”
Allaire, CNBC
He explained that digital dollars are payment instruments used for trading, lending, and investing—not speculation. Stablecoins are specifically designed to hold their value at $1, so they don't mirror bitcoin's price swings.
Allaire also noted increased activity on blockchains such as Arc, which Circle launched in September.
Why AI agents need digital dollars
According to Allaire, AI agents—programs that perform tasks autonomously—will take on an increasing number of economic functions. He believes this shift will boost demand for digital dollars and specialized blockchains—the very infrastructure Circle is building.
However, Allaire offered no estimates of this demand.
He added that the new rules directly affect Circle as the issuer of the USD Coin stablecoin.
According to Orrick, the OCC proposal would require issuers to hold reserves at least equal to the amount of stablecoins issued and guarantee redemption at face value within two business days. Issuers would also be prohibited from paying interest to token holders.
According to Allaire, the law is not threatened by the midterm elections because it had bipartisan support. However, only 18 Democrats in the Senate voted for the law in 2025, while Democrats in the House were divided: 102 voted for it and 110 against.
The crypto market was also supposed to be regulated by the CLARITY bill, but it never passed the Senate.