Circle Internet Group’s Chief Financial Officer Jeremy Fox-Geen describes blockchain as a global megatrend reshaping financial infrastructure. The company, known for its stablecoin USD Coin (USDC), reports significant growth amid clearer U.S. regulations and expanding adoption.
Fox-Geen compares blockchain’s current phase to the internet’s early evolution in the 1990s, emphasizing that the technology is still maturing but already impacting multiple sectors. Circle recently went public, posting strong quarterly revenue and transaction volume gains.
Blockchain Adoption Accelerates With Regulatory Clarity
According to Fox-Geen, emerging regulations like the U.S. GENIUS Act provide a vital framework for stablecoins, enabling wider corporate adoption. Stablecoins such as USDC maintain a stable value backed by U.S. dollars, facilitating use cases like trading, settlement, dollarization, and cross-border payments.
Circle positions itself as a market-neutral infrastructure platform supporting blockchain, digital assets, and related applications. The company aims to reduce friction and costs in global financial transactions by enabling other firms to build on its platform.
Strong Growth Metrics Post-IPO
Circle debuted on the New York Stock Exchange on June 5, achieving the largest two-day post-IPO surge since 1980. In its third-quarter report, Circle announced combined revenue and reserve income of $740 million, a 66% increase year-over-year. Net income surged 202% to $214 million.
USDC circulation rose to $73.7 billion, doubling from the previous year. On-chain transaction volume reached $9.6 trillion, up 580%, underscoring increasing real-world utility. JPMorgan upgraded Circle’s stock rating to overweight and raised its price target to $100, boosting pre-market trading.
Early Stages of Financial System Transformation
Fox-Geen notes that blockchain’s disruption is comparable to the internet boom in the mid-1990s, with technologies still evolving. Financial institutions—including banks, neobanks, payment firms, and capital markets participants—are integrating blockchain for trading, settlements, and supply chain payments.
He identifies rapid growth in use cases where costs and operational friction are highest, signaling areas ripe for blockchain efficiency gains.
Leadership and Vision
Fox-Geen has served as Circle’s CFO since May 2021. His background includes CFO roles at iStar, Safehold, McKinsey & Company North America, and senior positions at PricewaterhouseCoopers and Citigroup.
Circle is developing next-generation blockchain technology, including Arc, a Layer-1 blockchain designed to facilitate economic activity online. Fox-Geen poses a fundamental question about blockchain’s promise: Why can’t money be sent globally, instantly, and free like a text message?
He advises finance leaders new to blockchain to adopt a fast-follow approach, as institutions will bring blockchain benefits forward rather than requiring every company to pioneer the technology.
