Jeremy – Earlybirds Invest

Jeremy Allaire reflects on Circle’s early struggles

The Circle CEO recalled how many stakeholders, including investors, regulators and even family members, doubted him when he conceived the idea of Circle in 2013. According to him, the idea that money could move just like information on the internet, cheaply, instantly and globally, was unbelievable to many.

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However, with 12 years of persistence, patience and collaboration, the stablecoin sector has witnessed massive growth. Allaire noted that, working with regulators and lawmakers, legislation to regulate the sector has finally seen the light of day.

“Are you out of your mind?”

That’s what I heard more than once in the early days of Circle.

Twelve years later, the GENIUS Act has been signed into law, and we can now say the internet of money has arrived.

— Jeremy Allaire – jda.eth / jdallaire.sol (@jerallaire) August 18, 2025

For context, the GENIUS Act is landmark legislation for the crypto industry in the U.S., particularly for stablecoins. The act provides a regulatory framework and transparency for fiat-backed stablecoins.

Allaire is stating that if he had given up when many did not believe in Circle, or thought that “internet money” was crazy, these gains would not have been achieved. In a nutshell, he said that large systems do not change overnight, announcing that the internet of money has arrived.

Circle’s market position

Circle currently ranks second on the stablecoin market, with a market capitalization of $68.14 billion. It is surpassed only by Tether, whose market cap stands at $166.81 billion.

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Meanwhile, earlier in May 2025, the rumor of Ripple acquiring USDC was widespread, with the XRP-backed company offering $20 billion. However, the deal unraveled as Circle filed for an IPO with the New York Stock Exchange.

In July, John Deaton, pro-Ripple lawyer, had to dismiss speculation that Circle posed a threat to XRP. Deaton maintained that XRP is not a stablecoin, nor is it trying to be USDC.

Jeremy Jordan-Jones, the founder of Amalgam Capital Ventures, has been charged with fraud after US authorities accused him of tricking investors into giving him over $1 million for a fake blockchain project.

He was indicted and arrested on May 21 after the Department of Justice (DOJ) and the Federal Bureau of Investigation (FBI) completed their investigation.

According to court documents, Jordan-Jones ran a scheme between January 2021 and November 2022. During that time, he claimed his company was working on new blockchain-based payment tools and sales systems.

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He also told investors that Amalgam had formed partnerships, including with sports groups, and that the company would soon be listed on crypto exchanges. However, prosecutors say these claims were false.

Officials said Amalgam had no working products, almost no customers, and had not formed any real partnerships. Still, investors were led to believe the business was growing. Jordan-Jones allegedly used these lies to convince people to hand over money, which he then spent on personal expenses instead of business development.

The charges also say he created fake financial records to support his claims. In one example, he submitted a bank statement showing over $18 million in Amalgam’s account to apply for a company credit card.

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Jordan-Jones faces several charges, including wire fraud, securities fraud, making false statements to a bank, and identity theft. The fraud charges each carries penalties of up to 20 years in prison. The charge for lying to a bank could lead to 30 years. The identity theft charge has a mandatory two-year sentence if convicted.

On May 20, the Securities and Exchange Commission (SEC) filed a lawsuit against Unicoin, a crypto investment firm, and three of its senior executives. What happened? Read the full story.