Good morning. Blockchain technology is gaining traction in the United States, with clearer regulations emerging as a key driver of its adoption.
To explore what this means for financial infrastructure, I sat down with Jeremy Fox-Geen, CFO of Circle Internet Group, a leading stablecoin issuer. “We are at the beginning of what can only be described as a global megatrend: the building of the financial system on the Internet,” Fox-Geen told me.
This system, he explained, encompasses blockchains, digital assets and applications based on them – technologies that promise “massive benefits to businesses and consumers around the world,” he said. Although blockchain is already transforming parts of the economy, he stressed that we are still in the early stages of its impact.
Fox-Geen described Circle as a market-neutral infrastructure company: a platform that sits within the foundations of the Internet financial system, spanning blockchain, digital assets and applications layers. “We are a platform that other companies choose to build on,” he said.
Stablecoins, such as Circle’s USD Coin (USDC), are digital assets designed to maintain a stable value, typically linked and backed by the US dollar or equivalent assets. In the United States, the GENIUS Act clarified how stablecoins are regulated, Fox-Geen noted. Regulatory certainty, he said, is “a major asset” for large companies considering digital assets for corporate treasury, and a multi-year growth driver for Circle.
The main use cases for stablecoins include trading, settlement, dollarization, and cross-border payments. Circle’s platform supports these use cases, with the aim of reducing friction and costs in global financial transactions, Fox-Geen said.
Circle made its public debut on the New York Stock Exchange on June 5, marking the largest two-day post-IPO surge since 1980. Fortune reported. On Wednesday, the company reported its third-quarter results: combined revenues and reserves increased 66% year-over-year to $740 million, while net income increased 202% to $214 million. USDC circulation reached $73.7 billion, up 108% from the previous year, and on-chain transaction volume jumped 580% to $9.6 trillion, evidence of its growing real-world utility, Fox-Geen said. JPMorgan upgraded Circle’s stock from “overweight” to “underweight” and increased its price target from $94 to $100, contributing to the rebound in Circle shares during Thursday’s pre-market trading.
Fox-Geen said blockchain’s transformation of the financial system is only just beginning, comparable to the evolution of the Internet in the mid-1990s. “The disruption is happening, but the technologies are still maturing,” he said.
Banks, neobanks, payment companies and capital markets players are already integrating blockchain for payments, settlements and the supply chain. “We see use cases growing faster where costs, friction and business needs are highest,” Fox-Geen added.
From a career in traditional finance to blockchain
Fox-Geen has served as CFO of Circle since May 2021 and was previously CFO of iStar and Safehold. Prior to that, he was CFO of McKinsey & Company, North America, and held senior management positions at PricewaterhouseCoopers and Citigroup.
Circle is currently building the fourth generation of blockchains, he said, as well as Arc, a native layer 1 blockchain optimized for bringing economic activity to the internet.
To illustrate his thoughts on the promise of blockchain, Fox-Geen asked this question:
“Why can’t you send money to anyone in the world, instantly and for free, just like sending a photo or a text message? When you put it like that, it’s absurd that you can’t do it.”
For CFOs and financial leaders exploring blockchain for the first time, his advice is pragmatic: follow through quickly.
“You don’t have to be a pioneer,” he said. “Institutions will provide you with these benefits.”
Sheryl Estrada
sheryl.estrada@fortune.com
Ranking
Adam Schneider has been named chief financial officer of Millennium Systems International, the maker of Meevo, a software platform for salons, spas and medical spas. Schneider brings over 15 years of experience. Most recently, he led global finance and acquisitions at Lightspeed Commerce, a global commerce platform. He joined Lightspeed when it acquired NuORDER, where he served as both COO and CFO.
Madhav Srinivasan has been named CFO of Frost Brown Todd (FBT). Prior to joining FBT, Srinivasan served as Chief Financial Officer at a leading Am Law 50 firm, where he led its global financial operations. Earlier in his career, he held financial and operational leadership positions in several international law firms and large corporations.
Big deal
Fortune’s World’s Best Workplaces 2025 list, released this morning in collaboration with research partner Great Place to Work, is based on more than 9 million survey responses representing the experiences of more than 25 million workers worldwide.
Hilton Worldwide Holdings secured the top spot on the list. You can view the full list of 25 companies here.
Despite the challenges and complexity of operating on a global scale, these companies have outperformed their peers, both locally and globally, in terms of employee trust, pride and camaraderie.
Go deeper
“The record U.S. government shutdown is over, but Wall Street has just 10 weeks to relax before the next one can begin” Fortune report by Eleanor Pringle.
Pringle writes: “The longest shutdown of the American government in history has finally ended. An optimist might assume that the funding deal will avert a similar crisis – perhaps until the next administration, or for a few years at least? This is not the case. The countdown has already started and the clock is set to 78 days.
“Last night, President Donald Trump signed a funding bill to end the 43-day standoff at the Capitol. It contained funding provisions for departments such as SNAP food assistance, the Department of Agriculture, Congress and Veterans Affairs through September of next year. Unfortunately, the vast majority of federal departments only had their budgets approved through January 30.” Learn more here.
Heard
“AI and automation are already reshaping the future of work, but our collective choices will determine whether disruption leads to decline or revival. Deeper partnerships between government, academia and industry will create a more innovative talent pool than ever before.
—Vimal Kapur, Chairman and CEO of Honeywell, writes in a Fortune opinion article.
