Circle chief executive Jeremy Allaire said the company views its dollar-pegged stablecoin as neutral financial infrastructure rather than a competitor to payment networks.
Speaking on CNBC during the World Economic Forum in Davos, Allaire said Circle considers Visa and Mastercard to be partners, not rivals.
Allaire described stablecoins as network-effect businesses that grow as more institutions and developers integrate them.
He said Circle operates as a neutral company that does not compete with banks, payment firms or crypto exchanges.
Allaire added that the long-term business models around stablecoins remain uncertain as costs of moving money continue to fall.
“In a future where AI agents are doing the money movement, it’s hard to know what the payment business model will be,”
Jeremy Allaire said.
Asked about US digital asset legislation, Allaire said there was bipartisan support for the Digital Asset Markets Clarity bill.
“There’s clearly a bipartisan desire to do that,”
Jeremy Allaire said, adding that the bill covers broader token use in capital markets.
Circle is the issuer of USDC, the second-largest stablecoin by market capitalisation.
The company went public in June 2025, with its share price later retreating from post-listing highs.
Competition in the stablecoin market has intensified with new issuers entering the sector.
Fidelity Investments, Stripe and MoonPay are among firms developing or planning US dollar-backed stablecoins.