How Agents Will Create The Biggest Market Boom Ever (My Full Vision)

Transcript

When we think about this, we think [music] about general purpose, general architecture, money for the internet using stable coins in a way that they can't with the existing [music] currency system. How rapidly will the economy be essentially absorbed by [music] artificial intelligence? Just like the streets of Manhattan, I'm going to keep this quick. Over 70% of our viewers are not subscribers. Yes, you. [music] Every week we interview some of the best entrepreneurs and investors in the financial industry. The easiest way to support our channel is to hit the like and smash [music] the subscribe button.

Now sit back, relax, and enjoy today's show. >> We're going to bring up Jeremy Oair, the uh 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. Thank you, man. >> 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 uh and and contracts that you could actually kind of construct a softwarepowered economy. And so like the founding vision was just like there's like software powered communications, commerce, media on the internet, like a softwarepowered economic system would be possible. And

so in in many ways like we've been pulling that thread and 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 we're 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 you know the the decisions that have to be made, the governance mechanism, all these mechanisms that we think about as like the building blocks of of a firm or an economy can come online. But then it's this convergence of you know these 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 these intelligence systems and the econom IC operating systems like ARC provide the trust and verifiability and the actual execution environment for the 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 you get this like incredible proliferation of output that's possible from that. And so it's it's it's I 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 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 it's not 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

>> I think you're describing an intelligent economy and 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 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 leaprog very similar to the way AI models leaprog one another. You've been able to leaprog all of the blockchains that have come before and it truly feels that ARC is a next generation blockchain. I mean I I really hope so. And I I think like you know I I use the analogy of like mobile like there was 15 years of people building 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 act it wasn't it hadn't really actualized and then it was like the breakthrough of Android and iOS like these these new operating systems 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 art. I really genuinely do. I 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 we have the most crossplatform app in the world in blockchain. USDC is the most crossplatform thing out there.

So we care about that. We know about that. And and that's actually even interesting like interoperability is a deep deep deep part of ARC. You you issue an asset on ARC you can ride on CCTP and distribute your asset to over 20 networks. So that even even you know you know we we view even you know 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 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-skeumorphic use cases. Yes. And and so what you're describing I mean the unique advantages we have it here gas and digital dollars subsecond finality opt-in privacy postquantum resilience

agent ready and assets and interrupt 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 what is now possible because ARC has implemented these unique advantages >> well I mean like you know we we've all talked about like when when does the actual financial system like come onto these networks and we've needed these things. You know, the 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 they they need um they need to know that the infrastructure um is is like robust and operated as a financial market utility infrastructure. You know,

they 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 meeting the mainstream where it is. And and we've been listening to that, you know, for years. And USDC gave us a front row seat. >> Y >> 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 we've been close to this for a very long time.

And 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 a enormous size, right? Uh 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 of the OS system that you speak about. What are we really building

here? You're 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? you know, like when when I started the company and and and and got started like my my mental model was there's internet technology platform companies and they have a mixture of things. They run platforms, they run applications, they run like core services and and they're all anchored in different areas. So you had like commerce was anchored around Amazon and like communications was anchored around

Facebook and like information discovery and knowledge was anchored around Google, you know, and productivity was anchored around Microsoft and mobile was anchored around Apple. Like these these tech these big tech companies were all anchored around like their their their core utility. And my belief back then was if this plays out, there's going to be internet platform companies that are anchored around the the economic system and the financial system. And there'll be internet scale platform utilities that are in in in in the same way that those companies change, you know, communications and media and commerce and software and so on. Like there's an opportunity to do that with with the

with the financial and economic system. and and I and I believe that that sort of stands as a big opportunity. I don't think we're like the only company like that. There's gonna be a lot of I think you know a number of of great internet platform companies that are that are building the the economy of the future. There's some great amazing companies but that's what I think we see. And so we want to provide that platform infrastructure. We want to provide the best you know digital assets. We want to build applications that are useful for people. Um but you know in order for this to work it has to be unlike the centralized platforms in the world it has to be something that is broadly participated in the ownership of it the distribution of it the value accretion

the governance and so ARC is very very different than a traditional internet technology model because it is built on the ideology of blockchain networks and open source and and things like that and so it's a it's a different take on that and something again we we've learned a lot from you know the last 1015 years as well. >> Yeah. Yeah. I mean Jeremy I can't help but to think this the evolution of what ARC's going to look like. It's going to look a lot more like an alternative financial ecosystem rather than just a crypto asset crypto only ecosystem.

>> We're starting with USDC as the foundation. >> Yeah. >> We're going to have tokenized assets. We're >> tokenized assets currencies. We >> talk about what this >> Yeah. I mean, look, I think like one of the things is, you know, I I think we issue some of the world's leading assets, the biggest digital dollar, the biggest digital euro, the biggest tokenized money market fund. We now have tokenized Bitcoin, Serbc, which is which is which is really exciting and and is anchored in our national trust bank and and and you know, and and the custody there, bankruptcy, remote, it's like a great programmable Bitcoin. Um but the the number of people who are issuing tokenized equity is day one. There's a whole bunch. The DTCC which is the heart and soul of securities in the global

financial system coming to ARC. The biggest asset manager issuing their assets on ARC. There's like 12 or 16 foreign currency stable coins launching on ARC. There's an FX primitive on ARC. Um there's, you know, ETFs, bond issuers, credit issuers. So, we're seeing all of these different categories coming. Um, and that's very exciting and it's, you know, we're obviously at the very start. Um, but I think, you know, if there's an asset to be tokenized, it should be on ARC and we give asset issuers something very, very powerful.

We give them the best liquidity against digital dollars in the world because of our role with USDC and the way that USDC works on ARC. and we give them distribution because if I'm, you know, if I'm Black Rockck and I issue a tokenized ETF on ARC, I can choose I want to put it I want to make it available on uh on on on Hyper EBM. I want to make it available on base. I want to make it available on Salana. I want to make it available in these places and it and it manages that distribution and liquidity across those because CCTP is the biggest interop highway on blockchains and so we we just open the highway to everyone else's cars basically. Yeah, Jeremy, I first of all, I just want to say, man, Hyperlid on the balance sheet of Circle is an absolute

Chad move, man. Awesome. Um, as we come to a wrap, Jeremy, um, just thinking about kind of where we go from here. >> Yeah. >> Ending on 2026, stable coin supply outstanding, relatively stagnant, but as you and I know, this is maybe your fourth cycle. This is my third. >> Yeah. >> A a flat stable coin supply in a bare market is a good thing. That is okay, right? Not a bad thing. >> Yeah. I mean like I mean we talk the people in the public market ask us about this all this like >> we've seen some decoupling right so stable coin utility and payments and settlement has grown and grown and grown >> and you've you know when there's not as much risk capital so that's more static but the stable coin supply has been pretty steady and the stablecoin payment volumes are growing and so we're seeing

like the transaction volumes uh on so many different fronts uh growing and so that's great right that's that's fundamental utility Um and um and and actually, you know, we talked about this after our last earnings, which was we had a record amount of minting and redemption. And that's important because, you know, if you've got, you know, $150 billion minted and $150 billion redeemed, that's liquid pipes. It means money can easily come in and out and and it's interoperability with the financial system. And so it shows that the, you know, the the liquidity and the and the interoperability with with real world payment systems is working and growing.

And that's that's really >> that's what matters to you. And so >> and there's evidence there's a hundred trillion dollars in USD transfer volume all time in totality. And so you don't get there no >> with a fluke. You get there with >> pure product market fit. Exactly what you're describing. You've gone through exponential growth and uh we're very very pleased to be a part of it. Congratulations on Thank you so much. So glad you guys could be here today. >> Really awesome. I hope you got to chat with a lot of good people. >> Yeah, man. Great to see you, buddy. Come on.

>> See you again soon. Thanks so much. [music]