The U.S. is at a “turning point” in crypto, and about to become “THE decisive leader” in nurturing the technology, Jeremy Allaire, CEO of stablecoin issuer Circle, wrote in an X post on Friday.
Allaire said that several people “complain” that the U.S. 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 relocating its headquarters from Boston, Massachusetts to the heart of Wall Street.
The stablecoin issuer will be moving into one of the top floors of New York’s 1 World Trade Center, a historically important landmark in standing for American global economic leadership,” Allaire wrote. The move, announced 11 years after the company was founded is expected to take place by early 2025.
Circle will be joining 692 crypto and blockchain firms, with over 800 founders, that call New York their home. Allaire wrote:
“New York may have the most talent density in crypto of any city in the world…We are investing in New York. We are investing in America.”
Allaire is not alone in believing that the U.S., and New York in particular, is crypto-friendly. In a video shared in the announcement post, Solana co-founder and president Raj Gokal said:
“New York’s forward-thinking regulators and thriving tech scene are key to fostering innovation. And we are just getting started.”
In the video, Representative Ritchie Torres, a member of the House Financial Services Committee, said:
“Financial innovation is a key driver of New York’s economy and our country’s future, and it is critical that the innovative companies of the future are born and nurtured here in the U.S.A.”
Circle’s announcement comes while the firm awaits approval from the U.S. Securities and Exchange Commission (SEC) for its Initial Public Offering (IPO). The firm filed its application in January.
2025 will be the year of the stablecoins, says Allaire
According to Allaire, the current year has been critical for the growth of stablecoins. He wrote:
“2024 has been a turning point year in crypto, a year when stablecoins started to truly break out in scale, importance, and usage. 2025 will be the year when this goes mainstream.”
Allaire that said that Circle’s office is not being built as a traditional office space. Instead, it is being designed to be a “powerful convening space, “where we bring together all of our stakeholders to collaborate together, 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, policymakers, as well as developers.
Allaire noted that Circle’s vision has always been to build based on the tenets 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 of the capital markets will help it “stand tall,” represent “steadiness, reliability, and trust,” and be seen as an integrated part of the global capital market.
He added:
“We believe strongly that the infrastructure we are collectively building – this new internet financial system – will be the foundation for the next hundred years of global economic activity and coordination.”