Good morning. Blockchain expertise is gaining mainstream traction within the U.S., with clearer laws rising as a key driver of adoption.
To discover what which means for monetary infrastructure, I sat down with Jeremy Fox-Geen, CFO of Circle Web Group, a number one stablecoin issuer. “We’re at the start of what can solely be described as a worldwide megatrend—the constructing of the web monetary system,” Fox-Geen informed me.
That system, he defined, encompasses blockchains, digital property, and the functions constructed upon them—applied sciences that promise “huge advantages to companies and customers all all over the world,” he mentioned. Whereas blockchain is already remodeling components of the economic system, he emphasised that we’re nonetheless within the early phases of its impression.
Fox-Geen described Circle as a market-neutral infrastructure firm: a platform that sits inside the web monetary system’s basis—spanning blockchain, digital-asset, and software layers. “We’re a platform that different firms select to construct upon,” he mentioned.
Stablecoins, comparable to Circle’s USD Coin (USDC), are digital property designed to keep up a steady worth, usually pegged to and backed by the U.S. greenback or equal property. Within the U.S., the GENIUS Act has clarified how stablecoins are regulated, Fox-Geen famous. Regulatory certainty, he mentioned, is “a serious unlock” for giant firms contemplating digital property for company treasuries—and a driver of multi-year progress for Circle.
Key use circumstances for stablecoins embrace buying and selling, settlement, dollarization, and cross-border funds. Circle’s platform helps these use circumstances, aiming to scale back friction and price in world monetary transactions, Fox-Geen mentioned.
Circle made its public debut on the New York Inventory Change on June 5, marking the biggest two-day post-IPO surge since 1980, Fortune reported. On Wednesday, the corporate reported its Q3 outcomes: mixed income and reserve revenue grew 66% year-over-year to $740 million, whereas internet revenue rose 202% to $214 million. USDC circulation reached $73.7 billion, up 108% from a yr earlier, and on-chain transaction quantity jumped 580% to $9.6 trillion—proof of its increasing real-world utility, Fox-Geen defined. JPMorgan has upgraded Circle’s inventory to “obese” from “underweight” and elevated its worth goal to $100 from $94, which helped rebound Circle shares in pre-market buying and selling on Thursday.
Fox-Geen mentioned that blockchain’s transformation of the monetary system is simply starting—akin to the web’s evolution within the mid-Nineteen Nineties. “The disruption is underway, however the applied sciences are nonetheless maturing,” he mentioned.
Banks, neobanks, cost corporations, and capital markets members are already integrating blockchain for buying and selling, settlement, and supply-chain funds. “We’re seeing use circumstances develop quickest the place prices, frictions, and enterprise wants are highest,” Fox-Geen added.
From a profession in conventional finance to blockchain
Fox-Geen has served as CFO of Circle since Could 2021 and was beforehand CFO of iStar and Safehold. Earlier than that, he was CFO for McKinsey & Firm, North America, and held senior roles with PricewaterhouseCoopers and Citigroup.
Circle is now constructing the fourth era of blockchains, he mentioned, in addition to Arc, a local Layer-1 blockchain optimized to deliver financial exercise to the web.
As an example his ideas on blockchain’s promise, Fox-Geen posed this query:
“Why can’t you ship cash to anybody on the planet—immediately and without spending a dime—identical to sending a photograph or textual content message? Once you put it like that, it’s absurd that you could’t.”
For CFOs and finance leaders exploring blockchain for the primary time, his recommendation is pragmatic: quick comply with.
“You don’t must be a pioneer,” he mentioned. “Establishments will deliver these advantages to you.”
Sheryl Estrada
sheryl.estrada@fortune.com
Leaderboard
Adam Schneider was appointed CFO of Millennium Methods Worldwide, the maker of Meevo, a salon, spa, and med spa software program platform. Schneider brings greater than 15 years of expertise. Most lately, he led world FP&A at Lightspeed Commerce, a worldwide commerce platform. He joined Lightspeed by way of its acquisition of NuORDER, the place he served as each chief working officer and CFO.
Madhav Srinivasan was appointed CFO of Frost Brown Todd (FBT). Earlier than becoming a member of FBT, Srinivasan served as CFO at a number one Am Regulation 50 agency, the place he directed its world finance operations. Earlier in his profession, he held senior monetary and operational management roles at a number of worldwide regulation corporations and main companies.
Large Deal
The 2025 Fortune World’s Finest Workplaces record, launched this morning in collaboration with analysis companion Nice Place to Work, is predicated on greater than 9 million survey responses representing the experiences of over 25 million staff across the globe.
Hilton Worldwide Holdings earned the No. 1 spot on the record. You possibly can view the entire record of 25 firms right here.
Regardless of the challenges of working at world scale and complexity, these firms have outperformed their friends, each regionally and globally, on measures of worker belief, pleasure, and camaraderie.
Going deeper
“File U.S. authorities shutdown is over—however Wall Avenue solely has 10 weeks to loosen up earlier than the subsequent one may start” is a Fortune report by Eleanor Pringle.
Pringle writes: “The U.S. authorities shutdown, the longest in historical past, has lastly come to an finish. An optimist may assume the funding deal will avert an identical disaster—maybe till the subsequent administration, or for a few years at the very least? Not so. The countdown is already on, and the clock is ready to 78 days.
“Final night time, President Donald Trump signed a funding invoice to finish the 43-day deadlock on Capitol Hill. In it had been funding provisions for departments together with SNAP meals assist, the Division of Agriculture, Congress, and veterans affairs by way of September subsequent yr. Sadly, the overwhelming majority of federal departments solely had their budgets accepted till January 30.” Learn extra right here.
Overheard
“AI and automation are already reshaping the way forward for work, however our collective decisions will decide whether or not the disruption results in decline or renewal. Deeper partnerships throughout authorities, academia, and trade will construct a expertise pipeline that’s extra modern than ever earlier than.”
—Vimal Kapur, chairman and CEO of Honeywell, writes in a Fortune opinion piece.
