Jeremy Allaire thinks something big is around the corner. The Circle CEO recently compared the current state of stablecoins to the early days of the iPhone. Not the launch itself, but that moment just before developers started building everything on top of it. That shift, is when potential becomes mainstream.
In a post on X, Allaire wrote: “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.”
Allaire was responding to Sam Broner, a partner at a16z Crypto, who made a strong case for why stablecoins could completely reshape fintech.
“Stablecoins are better because they encourage competition. Now anyone can program money — the fixed and marginal costs of building a fintech are lower. More competition means better prices, better experiences, more access,” Broner wrote.
He pointed out that it’s not just speed or lower fees that matter. It’s the openness. Permissionless programmability, he said, is what changes the game.
Allaire’s optimism isn’t just about what developers could do. It’s also about who’s getting involved. According to recent reports, both Walmart and Amazon are exploring their dollar-backed stablecoins. That’s two of the largest retailers in the world seriously considering programmable money as part of their payment infrastructure.
Shopify is further along, The company has already confirmed that it’s working with Coinbase to roll out USDC payments. The first wave of access began on June 13. A broader launch is expected before the end of 2025.
Tobi Lutke, Shopify’s CEO, shared his view in a post on X: “We think that stablecoins are a natural way to transact on the internet.”
He added that the company worked with Coinbase to build the commerce payment protocol that powers this.
For a platform like Shopify, this is more than just a test. It’s a signal.
Regulation Could Be the Final Push
There’s also movement on the policy front. The GENIUS Act, short for Guiding and Establishing National Innovation for US Stablecoins, aims to create clear rules for stablecoin issuance in the United States.
The bill focuses on collateral standards and anti-money laundering compliance. If passed, it could open the door for more institutions to issue or use stablecoins without second-guessing the regulatory environment.
Allaire isn’t claiming the moment has arrived. He’s saying it’s near. And given what’s happening, developers experimenting, big tech testing, regulation coming together, he might not be wrong.
The parallels with 2007 aren’t just metaphorical. The iPhone didn’t change the world because of its hardware. It changed the world because it became a platform. One that others built on.
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