The United States is at a “tipping point” for cryptocurrencies and is poised to become a “definitive leader” in cultivating the technology, Jeremy Allaire, CEO of stablecoin issuer Circle, said in a post on X on Friday.
Allaire said some people have “complained” that the U.S. government is hostile to the crypto industry, but he disagrees, and he's not alone in that belief.
Alaïa's comments came as part of an announcement that Circle would be relocating its headquarters from Boston, Massachusetts, to the heart of Wall Street.
“The stablecoin issuer will be relocating to the top floor of the First World Trade Center in New York City, a historically significant landmark representing America's global economic leadership,” Allaire wrote. The move, announced 11 years after the company was founded, is expected to take place by early 2025.
Circle joins 692 New York-based crypto and blockchain companies (with over 800 founders). Alaïa wrote:
“New York may have the highest crypto talent density of any city in the world… We're investing in New York. We're investing in America.”
Allaire is not the only one who believes the US, and New York in particular, is crypto-friendly. In a video shared with the announcement, Solana co-founder and president Raj Gokal said:
“New York's progressive regulators and vibrant tech industry are key to spurring innovation — and we're just getting started.”
In a video, Rep. Ritchie Torres, a member of the House Financial Services Committee, said:
“Financial innovation is a key driver of New York's economy and the future of our nation, and it's critical that the innovative companies of the future are born and grown right here in the United States.”
Circle's announcement comes as the company awaits approval from the U.S. Securities and Exchange Commission (SEC) for its initial public offering (IPO), which it filed in January.
2025 will be the year of stablecoins, says Allaire
According to Allaire, this year has been a key one for the growth of stablecoins. He wrote:
“2024 will be a tipping point for cryptocurrencies, the year stablecoins really start to take off in terms of size, importance and usage. 2025 will be the year this goes mainstream.”
Allaire said the Circle offices are not being built as traditional office spaces, but rather are designed to be “powerful meeting spaces for all stakeholders to come together, collaborate, discover, and build a new internet financial system.”
Allaire said the new headquarters will bring together all of Circle's stakeholders, from employees to partners, policymakers and developers.
Allaire noted that Circle’s vision has always been to build on cryptographic principles, using open-source software, a decentralized and distributed infrastructure, and an open network.
“USDC is one of the most important pieces of infrastructure for a digital dollar in the world,” Allaire said in the video. He noted that by locating its new headquarters in the capital market capital, USDC will “stand tall” and embody “stability, credibility and trust” and be seen as an integrated part of the global capital markets.
He added:
“I strongly believe that the infrastructure we are building together – this new internet financial system – will be the foundation for global economic activity and coordination for the next 100 years.”
Mentioned in this article
