Stablecoins May Soon Go Mainstream Like iPhone, Says Circle CEO

Highlights:

• Circle CEO Jeremy Allaire says stablecoins are nearing their breakthrough moment, similar to the iPhone’s rise. 
• Major retailers like Amazon and Walmart plan to launch their own dollar-backed stablecoins.
• Circle’s NYSE surge and bank projects reflect growing trust in the stablecoin future.

On Saturday, Circle CEO Jeremy Allaire said that stablecoins have not yet reached the level of interest from developers like Apple’s iPhone once did. He believes that a big moment is coming soon when developers will start to see the real value of using digital dollars online. Allaire compared it to the time when mobile apps first became popular, and developers rushed to build for smartphones. He believes something similar will happen with stablecoins in the near future.

The highest utility form of money ever created. And we are not quite yet at the iPhone moment when developers everywhere realize the power and opportunity of programmable digital dollars on the Internet in the same way they saw the unlock of programmable mobile devices. Soon. https://t.co/tAKgDFrAbW

— Jeremy Allaire – jda.eth / jdallaire.sol (@jerallaire) June 14, 2025

Stablecoins Attract Big Players and Billion-User Potential

Allaire believes stablecoins could become the most useful form of money ever made. He shared these thoughts after a post by Sam Broner from a16z Crypto, who said stablecoins bring more competition. Broner explained that it’s now easier and cheaper to build fintech apps, which leads to better prices, improved services, and wider access. Big retail companies are also starting to take an interest in stablecoins.

Stablecoins are better because they encourage competition.

Now anyone can program money – the fixed & marginal costs of building a fintech are lower. More competition = better prices, better experiences, more access

Speed & cost (< 1 second, 1 cent) matter, but it's the…

— Sam Broner (@SamBroner) June 14, 2025

Allaire’s positive view comes as big U.S. companies like Walmart and Amazon plan to create their own dollar-backed stablecoins. This shows more large firms are getting interested in stablecoins. Shopify also said it will add support for Circle’s USDC by the end of 2025. The company has started early access with help from Coinbase. A few Shopify sellers were given full access to the service on June 13. Shopify CEO Tobi Lutke said on Thursday that stablecoins are a natural fit for online payments. He shared that Shopify teamed up with Coinbase to build a smart contract for a payment system that supports this new feature.

Shopify will enable USDC (Stablecoins on @Base) in Checkout via Shopify Payments and Shop Pay. Early access starts today, roll out throughout the year.

We think that stablecoins are a natural way to transact on the Internet and worked with coinbase to develop the commerce… pic.twitter.com/o6jme8kSha

— tobi lutke (@tobi) June 12, 2025

Circle Grows and GENIUS Act Moves Forward

Right now, the stablecoin market looks steady, especially for Circle’s USDC. It’s holding its $1.00 value and has a market cap of $61.66 billion, making up 1.88% of the total crypto market. Although daily trading volume has dropped, people in the crypto space still see it in a positive light. Many believe stablecoins will soon offer more features and tools for developers, which matches Allaire’s hopes for the future.

The growing interest in dollar-backed coins comes shortly after Circle’s listing on the New York Stock Exchange on June 5. On its first day, the company’s stock surged by 167%, showing strong investor confidence. Meanwhile, Tether, the issuer of USDT, has no plans to go public. Ripple has already launched its own stablecoin, RLUSD, marking its entry into the digital dollar space. At the same time, major banks like JPMorgan and Citigroup are also exploring their own stablecoin solutions, showing that traditional financial institutions are taking a serious interest in this growing sector.

Exclusive: Major U.S. banks are exploring a joint stablecoin to compete with the crypto industry https://t.co/PaPmSdEOjh

— The Wall Street Journal (@WSJ) May 23, 2025

The future of stablecoins could depend on the GENIUS Act, a bill designed to regulate asset backing and prevent money laundering. It could help stablecoins grow in the United States market. On Thursday, the Senate moved the bill forward with a 68–30 vote. Both Republicans and Democrats supported it. Now, it heads to the House.

Dollar Stablecoins Could Top $2T by 2028, Says Treasury Head

Dollar-backed stablecoins could hit $2 trillion in three years, said Treasury Secretary Scott Bessent. He told the Senate that the U.S. aims to keep the dollar strong by bringing stablecoins into the system with proper rules. These coins must be backed by U.S. Treasury bills and short-term debt.

US Treasury Secretary: "Stablecoins could reach $2 trillion by 2028"

During a hearing before the US Senate, Treasury Secretary Scott Bessent predicted that the market for dollar-backed stablecoins could surpass $2 trillion within three years.

The GENIUS Act, the stablecoin… pic.twitter.com/iLWYnYN3gU

— Atlas21 (@Atlas21_news) June 12, 2025