When we think about this, we think about general purpose, general architecture, money for the internet using stable coins in a way that they can't with the existing currency system. How rapidly will the economy be essentially absorbed by artificial intelligence?
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We're going to bring up Jeremy Allaire, the CEO of Circle to talk about it. Jeremy, welcome to the show. Jeremy, this is your show. This is your world.
Great to see you guys soon.
Awesome. Congratulations.
Absolutely. What a day, Jeremy. What a day. I mean, look, you started off your talk at the top in the keynote and you just spoke about this reality that we're entering which is just this new economy and specifically about this bifurcated economy or perhaps that's the way that it's been talked about, but you stated this economy is not going to be a split economy. It's going to be onchain. It's going to be on ARC. Talk to us about your vision here for ARC, the agentic economy, and what's really happening here.
Yeah, I mean, it's stuff. It's stuff we've been thinking about in some ways like for a very long time. Like what got me into this whole space 13 years ago was like the idea that these networks were going to be computers and that you're going to be able to like put software machines on these computers and if you could actually put real assets like dollars obviously and contracts that you could actually kind of construct a software-powered economy. And so like the founding vision was just like there's like software-powered communications, commerce, media on the internet, like a software-powered economic system would be possible. And so in many ways like we've been pulling that thread and kind of working on different pieces. And I think ARC is in many ways like it's the full manifestation of that founding vision.
Like we're creating an operating system. It's a network operating system. Its purpose is to run like the full slate of economic activity. Not just moving money around, but actually the contracts that run the economy. The decisions that have to be made, the governance mechanism, all these mechanisms that we think about as like the building blocks of a firm or an economy can come online. But then it's this convergence of these other operating systems, probably the most powerful operating systems ever created ever, which is intelligence operating systems which are extraordinary and they need each other right. And so I think our idea is like the agentic economy is these two different operating systems and they're basically two sides of the same coin. The agentic system is these intelligence systems and the economic operating systems like ARC provide the trust and verifiability and the actual execution environment for the economic stuff. And in a world of proliferating agents where agents can do things not just for us as individuals but actually we reconstruct what a firm even is. We reconstruct the firm as these orchestrations of agents doing work. The corporations we create are governed on chain and you get this like incredible proliferation of output that's possible from that. And so it's I think it's the most exciting thing and Chris Dixon and I were talking about it too, which is like there's going to be these new types of corporations that are there's they have people obviously, but a lot of it is going to be AI and they need this layer and we're building for that. And you know, I think I genuinely believe it's not just that like developers have AI tools to build stuff faster. It's that actually what they're putting out there are AI agents themselves.
I think you're describing an intelligent economy and broadly this is an intelligence revolution and you're describing that it is applicable to not only the economy every company is going to implement this and we are going to see the collective ultimately create this step function which I think ARC is exemplary of. It is a step function increase in blockchains and I think Andy and I were talking about this before you joined here which is that you've had the benefit of hindsight. There's been so many blockchains that have come before. All of that is a learning moment and now ARC has been able to leapfrog very similar to the way AI models leapfrog one another. You've been able to leapfrog all of the blockchains that have come before and it truly feels that ARC is a next generation blockchain.
I mean I really hope so. And I think like you know I use the analogy of like mobile like there was 15 years of people building mobile including massive companies Microsoft Nokia Samsung all these guys all around the world the Palm Pilot the Blackberry and like everyone thought they had mobile everyone's like oh I've got mobile I've got apps I can do this stuff but it wasn't it hadn't really actualized and then it was like the breakthrough of Android and iOS like these new operating systems created the surface area, created the user experience, created the developer experience, enough things converged at the right time that they could pull together that then they created an environment where, you know, people can create incredible new things. And that's how I think about what we're doing with ARC. I really genuinely do. I think this is an amazing environment for people who want to create and build.
And we really feel like we did have the benefit of hindsight. We've seen and you know we have the most cross-platform app in the world in blockchain. USDC is the most cross-platform thing out there. So we care about that. We know about that. And that's actually even interesting like interoperability is a deep deep deep part of ARC. You issue an asset on ARC you can ride on CCTP and distribute your asset to over 20 networks. So that even you know we view even ARC we want to run a lot on but like people are going to distribute stuff all around the world in other places too.
Yeah. And I think the mobile analogy is a great one because it describes a technology that is truly general and flexible enough to support non-skeuomorphic use cases. Yes. And so what you're describing I mean the unique advantages we have it here gas and digital dollars subsecond finality opt-in privacy post-quantum resilience agent ready and assets and interop these are the unique value propositions that make ARC different from other blockchains those are what make ARC unique my question is what is the implications what is now possible because ARC has implemented these unique advantages
Well I mean like you know we've all talked about like when does the actual financial system like come onto these networks and we've needed these things. You know, the companies that want to do it like they need privacy like they need an operational environment where they're not dealing with volatile cryptocurrencies. You know, they need to know that the infrastructure is like robust and operated as a financial market utility infrastructure. You know, they now today they need to know that when they're building and deploying it has like safety harness, security harness, and AI tooling. And it's all right there. And so it's sort of meeting the mainstream where it is. And we've been listening to that, you know, for years. And USDC gave us a front row seat.
Because that was the first place institutions were coming. They were like, okay, we now have a regulated way to like move money around and like that was the first place that they were coming. And then like tokenized assets started coming and all of those integrating with USDC. And so we've been close to this for a very long time. And I think just like listening to the market, listen to customers.
Yeah. You know, just kind of build off what Rob's question and your answer here, Jeremy, you're kind of putting together quite the puzzle here. You started with USDC and Circle. It's grown to an enormous size, right? 99.6% of all X42 transactions on USDC, right? You've expanded this now globally, right? You've done the regulated path. You've got things done the right way. Obviously, clarity would have been an amazing thing yesterday, but here we are. We still move forward with innovation exemptions from the SEC and CFDC. Now, you've got ARC. There's also a bit of the OS system that you speak about. What are we really building here? You're not just building a stable coin. You're not just building a blockchain. What is the bigger picture? I know I kind of asked at the top, but with the parts that you've got now, yeah, what are you really constructing for this company?
