The US is at an “inflection point” in crypto, and is poised to become “THE decisive leader” in nurturing the technology, Jeremy Allaire, CEO of stablecoin publisher Circle, wrote in an after on Friday.
Allaire said several people are “complaining” that the US government is hostile to the cryptocurrency industry. However, Allaire disagrees and he is not alone.
The comments were part of Allaire’s announcement that Circle is moving its headquarters from Boston, Massachusetts to the heart of Wall Street.
The stablecoin issuer will move into one of the top floors of the 1st World Trade Center in New York, a historically significant landmark in representing American global economic leadership,” Allaire wrote. The move, which was announced eleven years after the company was founded, is expected to take place in early 2025.
Circle will join 692 crypto and blockchain companies, with more than 800 founders, who call New York their home. Allaire wrote:
“New York has perhaps the highest crypto talent density of any city in the world… We invest in New York. We invest in America.”
Allaire is not alone in believing that the US, and New York in particular, is crypto-friendly. In a video shared in the announcement post, Raj Gokal, co-founder and president of Solana, said:
“New York’s forward-thinking regulators and thriving technology scene are critical to fostering innovation. And we’re just getting started.”
In the video, Representative Ritchie Torres, member of the House Financial Services Committee, said:
“Financial innovation is a key driver of New York’s economy and our nation’s future, and it is critical that the innovative companies of the future are born and nurtured right here in the U.S.”
Circle’s announcement comes as the company awaits approval from the U.S. Securities and Exchange Commission (SEC) for its initial public offering (IPO). The company filed an application in January.
2025 will be the year of stablecoins, says Allaire
According to Allaire, the current year has been crucial for the growth of stablecoins. He wrote:
“2024 was a watershed year in crypto, a year in which stablecoins truly broke through in size, importance and use. 2025 will be the year this becomes mainstream.”
Allaire said Circle’s office will not be built like a traditional office space. Instead, it is being designed as a “powerful meeting space,” where we bring together all our stakeholders to collaborate, discover and build the new Internet financial system.”
According to Allaire, the new headquarters will bring together all of Circle’s stakeholders, from employees to partners, policy makers and developers.
Allaire noted that Circle’s vision has always been to build on the principles of crypto, with open-source software, decentralized and distributed infrastructure, and open networks.
In the video, Allaire said: “USDC is one of the most important infrastructures in the world for digital dollars.” He noted that the new headquarters in the capital markets capital will help the country “stay afloat”, represent “stability, reliability and confidence” and be seen as an integrated part of the global capital market.
He added:
“We strongly believe that the infrastructure we are building together – this new Internet financial system – will provide the foundation for the next hundred years of global economic activity and coordination.”