Jeremy Allaire

Circle is launching ARC, a fourth-generation blockchain platform designed for mainstream financial institutions. It is purpose-built for the agentic economy, where AI agents need a transaction substrate. This is a major infrastructure opportunity that Circle views as one of its largest, alongside its stablecoin and payments networks.

We are building a whole set of infrastructure, operating system, infrastructure platforms for developers... over the next ten years they're going to be very significant Internet financial platform companies. Circle is building the underlying plumbing for blockchain-based finance. Because Circle is deeply integrated with specific public partners, its growth directly benefits them. Coinbase (COIN) owns an equity stake in Circle, shares in USDC reserve interest, and is building parallel developer infrastructure (like the Base network). Block (SQ) is similarly transitioning its ecosystem into a next-generation internet financial platform. As stablecoins and crypto rails become global economic utilities, these infrastructure-focused fintechs will capture the enterprise and developer market share that Allaire is targeting. LONG COIN and SQ as the primary public equities positioned to become the foundational internet financial utilities described in the thesis. Strict regulatory frameworks limiting stablecoin issuance, prolonged adoption timelines that test investor patience, and intense competition from traditional banking incumbents launching their own digital settlement networks.

We are building a whole set of infrastructure, operating system, infrastructure platforms for developers... over the next ten years they're going to be very significant Internet financial platform companies. Circle is building the underlying plumbing for blockchain-based finance. Because Circle is deeply integrated with specific public partners, its growth directly benefits them. Coinbase (COIN) owns an equity stake in Circle, shares in USDC reserve interest, and is building parallel developer infrastructure (like the Base network). Block (SQ) is similarly transitioning its ecosystem into a next-generation internet financial platform. As stablecoins and crypto rails become global economic utilities, these infrastructure-focused fintechs will capture the enterprise and developer market share that Allaire is targeting. LONG COIN and SQ as the primary public equities positioned to become the foundational internet financial utilities described in the thesis. Strict regulatory frameworks limiting stablecoin issuance, prolonged adoption timelines that test investor patience, and intense competition from traditional banking incumbents launching their own digital settlement networks.