Circle CFO On Why Stablecoin Growth Is Defying the Crypto Bear Market

Circle CFO Jeremy Fox-Geen explains why USDC, the regulated stablecoin issued by Circle, has reached nearly $79 billion in circulation amid a crypto bear market. Drawing from his traditional finance background, he frames stablecoins as internet-native dollars that enable programmable, frictionless money movement, decoupling from volatile crypto assets and expanding into real-world applications.

Defining Stablecoins and Core Use Cases

A stablecoin like USDC is a dollar that exists natively on blockchains—a bearer asset held in digital wallets, redeemable 1:1 for USD and backed by reserves. It emerged to support 24/7/365 trading and settlements in crypto capital markets, where traditional money fails due to downtime and delays.

Adoption has broadened where legacy systems impose high costs and frictions. Key users include individuals in unstable economies holding USDC as a store of value, accessible via internet when local currencies falter. Cross-border payments dominate: remittances avoid 6% fees and multi-day waits of services like Western Union, while businesses use it for supplier payments, payroll, and customer receipts. Velocity—how often the money turns over—is higher than traditional dollars due to near-instant, low-cost transfers.