Latest news with #JeremyAllaire
Geek Wire
22-07-2025
- Business
- Geek Wire
Tech Moves: Former AWS CEO joins Circle board; Microsoft poaches more Google AI talent
Adam Selipsky, former CEO of Amazon Web Services. (GeekWire File Photo) Adam Selipsky, former CEO of Amazon Web Services, joined the board of directors for Circle Internet Group, an international financial technology company. 'Circle is helping to reshape how money works through trusted stablecoin technology, regulatory engagement, and global reach,' Selipsky wrote on LinkedIn. 'I look forward to working with [Circle CEO] Jeremy Allaire and the leadership team in advancing this important mission.' Circle went public June 5 and its stock today was trading at nearly $200 per share, up from its IPO price of $31. The company supports the use of cryptocurrency and public blockchains for business payments and trade. Selipsky joined AWS in 2005, rising to the role of vice president of marketing, sales and support before he departed in 2016 to become CEO of Seattle-based Tableau Software. He led Tableau for more than five years, returning to AWS in 2021 as CEO of the Amazon cloud unit. Selipsky left AWS in June 2024 after leading the business through one of the most prosperous and yet challenging periods in its history as AWS hustled to keep up with competitors in generative AI. — Microsoft continues its poaching of AI experts from Google with the hire of Amar Subramanya, former vice president of engineering at Google's Gemini. The Redmond, Wash., tech giant has nabbed more than 24 employees from Google DeepMind in the past six months, according to a tally by the Financial Times. 'Just one week into my new role, I'm already feeling deeply energized. The culture here is refreshingly low ego yet bursting with ambition,' Subramanya said on LinkedIn, adding that 'it reminds me of the best parts of a startup.' Subramanya is corporate vice president of AI and Microsoft AI, according to LinkedIn Subramanya was with Google for more than 16 years. He earned his Ph.D. at the University of Washington in 2009 and was a visiting researcher at Microsoft for a year in the mid-2000s. Philippe Rogge. (LinkedIn Photo) — Philippe Rogge has rejoined Microsoft as the corporate vice president of its worldwide public sector, which involves partnering with governments, educators, defense and intelligence organizations in their use of technology. 'Public sector organizations around the world are facing a triple mandate: modernize legacy systems, embrace AI to drive national competitiveness, and ensure sovereignty over data and infrastructure,' Rogge said on LinkedIn. Rogge was a Microsoft for 12 years working in offices around the globe, including across Europe and in China. He left in 2022 for a job at Vodafone in Germany, then took a break from professional work for more than a year before taking this new position. Angela Heise. (LinkedIn Photo) — Angela Heise, whom Rogge succeeds, held the role for nearly three years and her career includes nearly two decades at Lockheed Martin. 'After an extraordinary journey at Microsoft, I've made the decision to step away from my corporate role and step fully into a new chapter — one fueled by purpose, possibility, and progress,' Heise wrote on LinkedIn. She thanked her colleagues and hinted at what is to come, saying, 'I'll be channeling everything I've learned into work that empowers bold leaders, fuels meaningful innovation, and creates space for what truly matters. Stay tuned.' David McLauchlan. (LinkedIn Photo) — David McLauchlan is CEO of Everysight, an Israeli-based augmented reality, smart glasses company with a focus on serving cyclists, runners, gamers and other uses. He is based in Bellevue, Wash. McLauchlan was the CEO of the smart lighting company LIFX, and the CEO and co-founder of Buddy Technologies, a smart home business that he launched in Seattle and later moved to Australia. Early in his career, McLauchlan worked in product and business development at Microsoft for more than a decade. — Nate Bek is now head of content at venture capital firm Ascend, the Seattle-based firm that backs early stage startups across the Pacific Northwest and is raising its third fund. '[Bek] brings a stoic calm to our team culture (balancing out some of my mania) while still managing to post the most envy-inducing hiking and cooking photos in our weekly team photo chat,' Ascend founder Kirby Winfield said on LinkedIn. — Dr. Neelendu 'Neel' Dey of the Fred Hutch Cancer Center is the inaugural recipient of the Kyle Thomas Spane Endowed Chair, a position created to support colon cancer research and prevention. Dey is an associate professor in the Translational Science and Therapeutics Division at Fred Hutch where he studies microbiome science, early detection and colon cancer prevention. — Fuse, a Bellevue, Wash., venture capital firm, named its 2025 summer interns:
Time of India
18-07-2025
- Business
- Time of India
Cryptocurrency Live News & Updates : Crypto Leaders Attend White House Signing of GENIUS Act
18 Jul 2025 | 11:55:10 PM IST Top crypto executives Brian Armstrong and Jeremy Allaire are set to witness the signing of the GENIUS Act by President Trump, a significant regulatory milestone for the industry. The cryptocurrency landscape is buzzing as President Trump prepares to sign the GENIUS Act into law, with major industry figures like Coinbase's Brian Armstrong and Circle's Jeremy Allaire in attendance. This act, which focuses on stablecoin regulation, follows the passage of two other key bills, the CLARITY Act and Anti-CBDC Act, marking a pivotal moment for the crypto sector. Meanwhile, Bitcoin's dominance has dipped to a three-month low, with Ethereum leading the altcoin surge, recently breaking the $3,600 mark amid substantial ETF inflows. Analysts suggest that the favorable regulatory environment is driving this shift, as institutional interest in Ethereum grows. In contrast, JPMorgan's analysts are advocating for tokenized bank deposits over stablecoins, highlighting a shift in regulatory preferences. Additionally, WIF is facing resistance at a critical price point, indicating a cautious market sentiment. Overall, these developments reflect a transformative period for cryptocurrencies, with legislative support and market dynamics shaping the future of digital assets. Show more
Miami Herald
13-07-2025
- Business
- Miami Herald
Wall Street pro drops bold price target on Circle stock
Circle Internet Group (CRCL) has arguably been the hottest stock this year, lighting up the market with one of the more talked-about IPOs. As the backbone behind stablecoin USDC, Circle stock is at the core of the digital payments revolution, which continues to gain momentum. Don't miss the move: Subscribe to TheStreet's free daily newsletter With billions flowing into programmable finance and institutional money piling in, Circle's moment could just be beginning. And now, a major Wall Street endorsement is fueling the idea that Circle's rally is far from over. Image source: Bloomberg/Getty Images Circle stock didn't just go public; it came out swinging. On June 4, the fintech upstart behind the popular USDC stablecoin priced its hotly anticipated IPO at $31 a share, raising north of $1.05 billion. The massive upsized offering of 34 million shares pushed Circle's initial valuation to $8 billion, one of the biggest crypto-focused debuts since Coinbase went public in 2021. Heavy-hitting underwriters, including the likes of J.P. Morgan, Citi, and Goldman Sachs, helped cook up that massive demand. Related: Wall Street giant shares bold message on S&P 500's Magnificent 7 On its first day of trading under the ticker, Circle stock blasted out of the gate, closing at $83.23, an eye-popping 168% jump from its IPO price. And the momentum didn't stop there. By June 23, less than three weeks later, Circle stock was trading just shy of $299, a staggering 250% jump in under a month. Despite the inevitable pullback, the stock remained red-hot, trading around the $187 mark as of July 11. That's still up a massive 500% from its IPO level. From these astounding stats, it's clear that investors are buying the long-term vision. Circle's core business doesn't just stop at issuing stablecoins. The fintech player aims to power digital finance infrastructure, facilitating cash flows globally using blockchain rails, managing crypto-based treasuries, and tapping into programmable payments. Dollars fully backs its flagship USDC token, U.S. Treasuries, and cash equivalents, which gives it immense credibility with regulators and institutions. Also, it recently rolled out EURC, a euro-pegged stablecoin, in pushing to meet the commercial demand for trusted digital currency options. More Tech Stock News: TikTok's next move has Google and Meta sweating bulletsCathie Wood shells out $13.9 million for one high-stakes biotech stockApple's quiet shake-up could redefine its future Moreover, its CEO, Jeremy Allaire, has been a vocal proponent of stablecoin regulation, and his stance recently got a major boost. The Senate passed the GENIUS Act last month, a bipartisan bill that lays down clear guidelines for reserve requirements, audits, and disclosures. Consequently, Circle stock popped over 20% on the news. It appears investors are betting that Circle's unique combo of explosive growth, regulatory alignment, and first-mover advantage will position it ahead of its peers. Citi just joined the Circle stock bandwagon. The firm initiated coverage of Circle stock with a Buy rating and a $243 price target. That's roughly a 30% upside from its most recent price. Citi analysts believe stablecoins are about to go mainstream, and Circle stock is leading the charge. Citi analysts pointed to Circle's impeccable positioning in the growing stablecoin space, highlighting its incredible potential to become the primary platform for programmable payments. Related: Nvidia-backed stock sends a quiet shockwave through the AI world Though stablecoins already improve speed, cost, and transparency, Citi sees programmability as the game-changer. Think of payments that initiate automatically, settle instantly, and could integrate directly with smart contracts. The bull case didn't stop there. The firm noted legislative momentum in the U.S. with the GENIUS Act, which will likely boost early birds like Circle while boosting its value proposition in the process. On top of that, there's also Wall Street's seal of approval. BlackRock now owns roughly 10% of Circle, signaling deep institutional interest in USDC and the business behind it. The numbers back it up: The world's stablecoin market crossed $250 billion in circulation, with monthly trading volumes rising to $700 billion. So if Circle scales its fee revenue from transactions and grows yield income on reserves, analysts expect double-digit compound annual sales growth for the foreseeable future. Related: Veteran analyst drops jaw-dropping price target on AppLovin stock The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Yahoo
10-07-2025
- Business
- Yahoo
Stablecoins go mainstream after Circle's blockbuster IPO. Here's what they do.
Since its June 5 trading debut, stablecoin issuer Circle's (CRCL) stock has climbed more than 500%. The rising provider has issued over $61 billion worth of its stablecoin USD Coin (USDC-USD), making it the world's second largest in today's $253 billion stablecoin market. On June 30, Circle announced that it applied to establish a national trust bank charter called First National Digital Currency Bank, N.A. If approved, it would be another step toward integrating stablecoin into traditional banking and financial markets. Here's a look at how stablecoins work and how they've risen to prominence today. Stablecoins are a type of cryptocurrency whose value aims to mirror that of another asset. For example, someone buying a stablecoin pegged to the US dollar would expect the value of that stablecoin to remain at a dollar, with some referring to the coins as "digital dollars." This sets stablecoins apart from other cryptocurrencies, which can change in value significantly. Stablecoins are a popular payment option for other cryptocurrencies due to their price stability and facilitation of easier and quicker online transactions than traditional funds. Some believe these qualities could bring stablecoins into broader use. "Over the long term, we expect stablecoins to evolve from money-rail of crypto markets to money-rail of the internet," Bernstein analyst Gautam Chhugani wrote when initiating coverage of Circle. "We believe total industry stablecoin supply will reach ~$4Tn over the next decade." Read more: Can you buy crypto with a credit card? See the pros and cons. There are two types of stablecoins: collateralized and algorithmic. Issuers keep collateralized coin prices stable with reserves. For example, many providers issuing stablecoins pegged to the dollar keep reserves of at least $1 (or equivalent holdings) for each coin they issue. With these reserves, users expect to be able to exchange their stablecoins for dollars or other backing assets at any time. Stablecoins can be backed by fiat currency such as the dollar, commodities like gold or oil, and even other cryptocurrencies. Currently, the majority of value in the stablecoin market is held by US dollar or cash equivalent backed stablecoins. However, Circle CEO and co-founder Jeremy Allaire told Yahoo Finance earlier this year that the US shouldn't take that for granted. "There is a digital currency space race, and the US needs to put laws in place that allow for digital dollars to thrive," Allaire said. "[On] the question of whether a commodity money like gold or a digital commodity like bitcoin could play a larger role as a store of value or a reserve asset, I'm open-minded about that. ... I think that could grow over time." Stablecoins got their start roughly a decade ago when the world's largest, the fiat-based Tether (USDT-USD), launched in 2014. It remains the largest stablecoin by market capitalization today, with $159 billion in circulation. Tether is followed by fiat-backed USD Coin and crypto-backed Dai (DAI-USD). Read more: How would Trump's strategic bitcoin reserve work? Dai is an example of a "decentralized" coin, where backing is held in "smart contracts" instead of more centralized reserves. Each time someone creates a Dai token, they lock a specified amount of its backing cryptocurrency into a contract, which is only retrievable by "burning" the Dai, or destroying it. Doing this ensures there's backing for each coin without a single reserve held by a provider. Algorithmic coins, on the other hand, keep prices stable by using an algorithm to control supply, which then impacts price. For example, if the price of an algorithmic stablecoin increases, the algorithm might determine that more coins need to be minted to increase supply and drive the price back down. A significant draw of stablecoins is their ability to facilitate easier and quicker online transactions. With stablecoins already on the "blockchain," the digital ledger that enables cryptocurrency transactions, transfers can resolve in minutes or seconds compared to the hours or days of bank transfers. Without the many intermediaries that facilitate other payment methods, stablecoins can be exchanged 24/7 and across international borders. For transactions that typically come with high fees, such as cross-border transfers and microtransactions, stablecoins can offer a more practical alternative. According to Zach Pandl, head of research at the crypto-focused asset manager Grayscale, reducing the cost and friction of global payments with stablecoins is a significant step forward. "The G20 has an explicit goal to try and reduce the costs and improve the experience of cross-border payments, and there's all kinds of committees and working groups tackling this topic," Pandl told Yahoo Finance. "Stablecoins are the [solution] that in the real world is being adopted by consumers." Between payments, users feel secure keeping their funds on the blockchain compared to other cryptocurrencies since the price is stable. In fact, this stability has led to growing popularity in countries with high inflation, such as Argentina. In addition, since stablecoins are on the blockchain, transactions are kept in public records, offering a level of transparency and security. "Not only will you be confident that your payment will get through, but you can watch it every step of the way," Pandl said. "Users are in full care of their funds." Stablecoins can also be used to generate interest through lending. This specific use case has got a lot of debate over the last year. Some platforms even offer over 20% APR on er, but state regulators have blocked some from offering interest-bearing cryptocurrency accounts and lending programs. It was only this February that the SEC approved the first interest-bearing stablecoin in the US, registered as a security. Stablecoins come with their own set of risks. With collateralized stablecoins, users rely on providers to properly manage reserves to back issued coins and any kind of error can have major consequences. For example, in April 2019, New York Attorney General Letitia James sued Tether and cryptocurrency exchange Bitfinex, alleging that Tether reserves were loaned to Bitfinex to cover a loss, leaving Tether not fully backed. Tether lawyers revealed that for a time, the cryptocurrency was only 74% backed by cash and cash equivalents. In 2021, Tether and Bitfinex reached a settlement with New York's Office of the Attorney General for $18.5 million. For two years after the settlement, both companies released reports regarding the makeup of their reserves. Along with these efforts toward transparency, Tether would later shift the majority of its reserves from commercial paper to Treasury bills. Another concern is the risk of "depegging," which is when a stablecoin's value drops below the asset it's pegged to. This includes both temporary price drops and more significant crashes. In 2022, the algorithmic stablecoin Terra (UST-USD) and its sister coin Luna (LUNA1-USD) plummeted, erasing $60 billion in value. Terra's value was previously maintained through market mechanics, where its connection with Luna was used to push the price higher or lower. "Algorithmic stablecoins are based on confidence and trust in the economic incentives of the stablecoin issuer's underlying ecosystem," Ryan Clemens, an assistant professor of business law and regulation at the University of Calgary, told Yahoo Finance at the time. "Once that trust and investor demand evaporates, they quickly fail in a death spiral." It all began with a drop in price when $150 million in UST was moved off an exchange and $84 million in UST was sold by an unknown party. The drop sparked a sell-off, and while this coin's algorithm attempted to correct for the fall, the run drove Terra from $1 to $0.05 in less than two weeks. "We see run risks which could threaten financial stability ... risks associated with the payment system and its integrity and risks associated with increased concentration if stablecoins are issued by firms that already have substantial market power," US Treasury Secretary Janet Yellen said in a US Senate panel during the crash. "We definitely see significant risks here." There are also concerns about stablecoin's role in illegal activity as it becomes more widespread, particularly if individuals use coins to make untracked payments for illicit purposes. According to a report by the Financial Action Task Force, an international body created to combat global money laundering and terrorist financing, broader usage of stablecoins or virtual assets could "amplify illicit finance risks." "There was approximately $51 billion in illicit on-chain activity relating to fraud and scams in 2024," the report detailed. "The use of stablecoins by illicit actors, including [Democratic People's Republic of Korea] actors and terrorist financiers, has risen, with most on-chain illicit activity now involving stablecoins." Over the past few years, major corporations have been increasingly involved in the cryptocurrency sphere. For instance, Visa (V) started to settle USDC transactions in 2021, and PayPal (PYPL) launched its own stablecoin. With this growing adoption of stablecoins, officials in the Biden administration released a report in 2021 recommending that issuers be regulated as banks. "We're supportive of that recommendation," Circle's Allaire told Yahoo Finance at the time. "We think [this] represents significant progress in the growth of this industry. There's a real recognition that as these payment stablecoins grow, they could grow at internet scale relatively quickly." In 2023, the EU introduced new regulations for cryptocurrency, including stablecoins. The Markets in Crypto-Assets (MiCA) regulation laid out rules, including reserve requirements and transaction limits, that providers and exchanges would have to comply with in order to be made available in the EU. Excitement for the future of stablecoins in the US was especially high after the passage of the GENIUS Act through the US Senate on June 17. Creators of the bill set out to create a federal framework for dollar-backed stablecoins to be issued and used while ensuring protections for consumers. "Millions of people around the world are doing billions of dollars of transactions with these products already ... but I think [regulations] will provide a degree of comfort for both consumers and businesses that want to use these products and deeply integrate them," Grayscale's Pandl said. "Users should have an expectation that they will have the same safety and compliance with appropriate laws as all other financial services technology." The bill's regulations include 100% reserve backing requirements, as well as auditing for stablecoin issuers with market caps over $50 billion. As the act moves forward to the House, eyes will also be on the progress of its companion bill, the STABLE Act, as well as the Clarity Act, a broader crypto market bill. David Hollerith contributed to this post. — Nina Moothedath is a data reporter intern for Yahoo Finance. Sign in to access your portfolio
Finextra
09-07-2025
- Business
- Finextra
Circle and OKX work to deepen liquidity for USDC
Circle Internet Group, Inc. (NYSE: CRCL) and OKX have partnered to deepen liquidity for both USD-to-USDC and USDC-to-USD conversions, making USDC more accessible to OKX's 60+ million global customers. 1 Through this partnership, customers will be able to easily convert between USD into USDC and back on a 1:1 basis across OKX products and services. Additionally, OKX will simplify on-and off-ramping via mutual banking partners, making it easier for customers to use USDC for trading, payments, and more. Circle and OKX will also collaborate on educational and community engagement programs to help users learn more about the benefits of digital currencies such as USDC. 'Demand for USDC continues from businesses and individuals eager to adopt this new form of high-utility and internet-based money,' said Co-founder, Chairman and CEO of Circle Jeremy Allaire. 'OKX is a preeminent leader in digital asset markets, and by extending USDC's reach to OKX's over 60 million global users, we are driving growth in digital asset markets while also building on and integrating with the wide-range of innovative Web3 wallet and payments applications that OKX continues to pioneer.' 'Our partnership with Circle is important because it delivers increased liquidity and access for customers to a market-leading stablecoin in USDC,' said OKX Founder and CEO Star Xu. 'By working together, we're further improving the user experience across our platform while accelerating the adoption of stablecoins in everyday finance.' This partnership will provide users with more options, enhance the trading experience, and create new opportunities for individuals and businesses worldwide to seamlessly use USDC.
