Business
Circle CFO on leading the blockchain ‘megatrend’ transforming finance
Good morning. Blockchain technology is gaining mainstream traction in the U.S., with clearer regulations emerging as a key driver of adoption.
To explore what that means for financial infrastructure, I sat down with Jeremy Fox-Geen, CFO of Circle Internet Group, a leading stablecoin issuer. “We are at the beginning of what can only be described as a global megatrend—the building of the internet financial system,” Fox-Geen told me.
That system, he explained, encompasses blockchains, digital assets, and the applications built upon them—technologies that promise “massive benefits to businesses and consumers all around the world,” he said. While blockchain is already transforming parts of the economy, he emphasized that we are still in the early stages of its impact.
Fox-Geen described Circle as a market-neutral infrastructure company: a platform that sits within the internet financial system’s foundation—spanning blockchain, digital-asset, and application layers. “We’re a platform that other companies choose to build upon,” he said.
Stablecoins, such as Circle’s USD Coin (USDC), are digital assets designed to maintain a stable value, typically pegged to and backed by the U.S. dollar or equivalent assets. In the U.S., the GENIUS Act has clarified how stablecoins are regulated, Fox-Geen noted. Regulatory certainty, he said, is “a major unlock” for large companies considering digital assets for corporate treasuries—and a driver of multi-year growth for Circle.
Key use cases for stablecoins include trading, settlement, dollarization, and cross-border payments. Circle’s platform supports these use cases, aiming to reduce friction and cost in global financial transactions.
Circle made its public debut on the New York Stock Exchange on June 5, marking the largest two-day post-IPO surge since 1980, Fortune reported. On Wednesday, the company reported its Q3 results: combined revenue and reserve income grew 66% year-over-year to $740 million, while net income rose 202% to $214 million. USDC circulation reached $73.7 billion, up 108% from a year earlier, and on-chain transaction volume jumped 580% to $9.6 trillion—evidence of its expanding real-world utility, Fox-Geen explained. JPMorgan has upgraded Circle’s stock to “overweight” from “underweight” and increased its price target to $100 from $94, which helped rebound Circle shares in pre-market trading on Thursday.
Fox-Geen said that blockchain’s transformation of the financial system is just beginning—comparable to the internet’s evolution in the mid-1990s. “The disruption is underway, but the technologies are still maturing,” he said.
Banks, neobanks, payment firms, and capital-markets participants are already integrating blockchain for trading, settlement, and supply-chain payments. “We’re seeing use cases grow fastest where costs, frictions, and business needs are highest,” Fox-Geen added.
From a career in traditional finance to blockchain
Fox-Geen has served as CFO of Circle since May 2021, and was previously CFO of iStar and Safehold. Before that, he was CFO for McKinsey & Company, North America, and held senior roles with PricewaterhouseCoopers and Citigroup.
Circle is now building the fourth generation of blockchains, he said, as well as Arc, a native Layer-1 blockchain optimized to bring economic activity to the internet.
To illustrate his thoughts on blockchain’s promise, Fox-Geen posed this question:
“Why can’t you send money to anyone in the world—instantly and for free—just like sending a photo or text message? When you put it like that, it’s absurd that you can’t.”
For CFOs and finance leaders exploring blockchain for the first time, his advice is pragmatic: fast follow.
“You don’t have to be a pioneer,” he said. “Institutions will bring these benefits to you.”
Sheryl Estrada
sheryl.estrada@fortune.com
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