Original title: Jeremy Allaire: The Prophet of Protocols
Original author: Thejaswini M A, Token Dispatch
Original translation: Saoirse, Foresight News
'We are at the early stages of a disruptive technology that has the potential to bring significant change to the world, much like the internet.'
Jeremy Allaire accurately predicted the future three times. The first was in 1990, when most people had never heard the word 'internet'; he saw the transformative potential of the World Wide Web. This insight birthed ColdFusion software, earning him millions.
The second time was in 2002, when he predicted that anyone would be able to disseminate video content globally without relying on television networks. This vision gave rise to Brightcove, bringing him hundreds of millions in revenue.
The third time was in 2013, when he realized that cryptocurrencies could become the cornerstone of a new financial system. This bet could forever change the way money operates.
At 54, Allaire has spent thirty years building the invisible infrastructure that supports the digital world. The USDC stablecoin he created processes trillions of dollars in transactions annually and has become a bridge between traditional finance and the crypto economy.
For someone whose career is based on insights others cannot see, Allaire's steps to build the future never stopped.
The Decade of Internet Awakening
In 1990, in the dormitory of Macalester College in Minnesota.
Jeremy Allaire's roommate did something almost unbelievable. As a staff member of the school's computer services department, he managed to connect the dorm to the internet. At the time, most people thought 'web' was just a spider's web, while Allaire was about to glimpse the future.
The moment he logged onto the internet, everything changed.
He said at the time: 'This will change the world,' and his tone was far from a casual remark of a college student. By the time he graduated in 1993, the internet had become his 'main passion.'
Think about the context of the time: When Allaire first came into contact with the internet, Netscape had yet to be born, Yahoo had not yet been founded, and the term 'cyberspace' was still little known. He foresaw the next chapter of human civilization.
But the foundation for this moment was laid many years ago.
In 1984, in the living room of the Allaire home in Winona, Minnesota.
At 13, Jeremy made a small request to his parents: to lend him $5,000 to start a baseball card trading business. His father, Jim, a psychologist, and his mother, Barb, a newspaper editor, understood people and information but were baffled by their son wanting to take a large sum to trade cardboard.
While other kids collected cards for fun, Jeremy took a different approach: he saw market inefficiencies, price trends, and opportunities for buying low and selling high.
In the end, he doubled his principal.
In 1993, he graduated with the internet on his mind.
Jeremy faced a dilemma: almost no one understood what he was talking about. The internet? Most businesses had never heard of it. So, he did something reasonable—he started his own company.
The 'Global Internet Vision' was born, providing consulting for media publishers wanting to understand this mysterious 'web.' But consulting alone cannot change the world.
In 1995, a conversation between Jeremy and his brother J.J. would either make them rich or leave them broke.
They founded Allaire Corporation with J.J.'s $18,000 savings, which was nearly all their wealth.
The collaboration between the two brothers was perfect: J.J. focused on programming technology, while Jeremy concentrated on market demand. It was 1995, and Netscape had yet to monopolize the browser market, and businesses had not yet realized the opportunities the internet held.
The launch of ColdFusion changed everything almost overnight. This software transformed static web pages into interactive applications that could connect to databases, manage user accounts, and process transactions.
Suddenly, companies like MySpace, Target, Toys 'R' Us, Lockheed Martin, Boeing, and Intel could create dynamic websites without hiring a large number of programmers. This software became the basis of e-commerce, a pillar of content management, and a driving force behind the development during the internet bubble.
@adobecoldfusion
Starting with a 12-person team in Minnesota, they quickly became profitable.
Realizing that the pace of internet development far exceeded expectations, they partnered with Boston's Polaris Ventures and secured their first real funding: $2.5 million.
When they tried to move to Silicon Valley, the landlord rejected them for being 'too small,' so they moved to Boston instead. This rejection may have saved them. Boston's tech scene provided them with resources and talent without the self-centered culture of Silicon Valley.
Annual revenue soared from over $1 million in 1996 to about $120 million in 2000. The company grew to over 700 employees, with offices across North America, Europe, Asia, and Australia. In January 1999, as one of the early success stories proving the internet was more than just hype, they went public on NASDAQ.
In March 2001, that phone call that tested everything.
Macromedia wanted to acquire Allaire Corporation and offered $360 million.
29-year-old Jeremy was about to become very wealthy.
He agreed. Jeremy and J.J. sold Allaire Corporation to Macromedia, with Jeremy serving as CTO of the multimedia giant, while J.J. exited the tech world to pursue other interests.
Video Revolution
In 2002, as the CTO of Macromedia, Jeremy walked into a meeting room with an idea that might unsettle the bosses.
He understood the significance of the data at hand: Macromedia's Flash technology, the animation, video, and gaming technology that powered early internet multimedia, was installed on 98% of computers worldwide, and broadband was becoming widespread. Everything was in place; they just needed the right moment.
He proposed Project Vista: a browser-based video capture, upload, and publishing system that would allow anyone to become a broadcaster and reach global audiences.
Imagine YouTube, but several years before Google even heard of the concept of a video platform.
Macromedia's executives politely listened and then vetoed the project.
Jeremy watched helplessly as the company he was part of missed the future of the media industry. This company, which brought Flash (the core technology of early internet multimedia) to the world, had just turned down an opportunity to enter the online video space, thus missing the chance to participate in a crucial component of the web.
In February 2003, Jeremy resigned from Macromedia.
Colleagues thought he was crazy. As a CTO at a large tech company, earning a good salary and responsible for important products, why would he give it all up?
Because he saw the future, while Macromedia had no intention of building it.
Jeremy joined General Catalyst as an entrepreneur-in-residence. Over the year, he studied the market, observed various elements coming into place, and prepared to challenge the entire television industry. He was just waiting for the best moment.
In 2004, he co-founded Brightcove, with the vision of 'creating an environment for independent video creators to deliver content directly to consumers, bypassing traditional television networks and channels.'
Compared to the first company, Jeremy's strategy changed: instead of self-funding with borrowed money, he decided to 'secure venture capital immediately and scale quickly.' Challenging the television industry required substantial funding and collaboration with major content producers.
The company's mission reflects Jeremy's deepening understanding of the democratizing power of internet technology. Subsequent developments proved Jeremy right: content creators who could not afford the costs of television networks suddenly had global distribution channels; independent filmmakers could reach audiences without begging media tycoons.
In 2012, Brightcove went public, valued at $290 million, and Jeremy held 7.1% of the shares.
He successfully built a market where thousands of creators could reach global audiences without begging television networks, film companies, or media executives. But when Brightcove conquered the online video space, he stepped down as CEO in 2013 and became chairman.
Why leave when everything is going well? This has already happened twice. But Jeremy had already set his sights on the next corner.
Currency Revolution
In 2013, Jeremy Allaire stared at his computer screen once again, just as he had 23 years earlier in his Minnesota dormitory.
This time, he was exploring something called Bitcoin.
The 2008 financial crisis made him question everything about traditional banking. Lehman Brothers collapsed, Bear Stearns disappeared, and the global financial system teetered on the brink of collapse. Jeremy wondered if there was a better way.
When he first encountered Bitcoin, it felt strangely familiar, almost like déjà vu. 'I have exactly the same feelings about digital currency, especially Bitcoin,' he told Fortune magazine, 'We are at the early stages of a disruptive technology that has the potential to bring significant change to the world, much like the internet.'
He envisioned a so-called 'universal funding flow system, just as the HTTP protocol is the foundation for information dissemination on the internet.'
In October 2013, Jeremy co-founded Circle with Sean Neville.
Their vision is to help create the world's first global currency based on the internet and open platforms and standards like Bitcoin.
Accel Partners and other well-known venture capitalists joined immediately. Everyone felt this was not a gradual improvement of existing financial services.
Jeremy wanted to create a programmable currency that could settle payments almost instantly, costing just a fraction of traditional wire transfers. They were not looking to improve existing financial services, but to create an entirely new category that could operate globally without relying on the intermediary banking relationships that made international transfers slow and expensive.
However, Circle's early attempts at consumer-facing Bitcoin applications and trading platforms were not very successful. It wasn't until Jeremy realized that the issue was not the technology but the volatility that the breakthrough came.
In 2018, the birth of USDC
Through the Centre Consortium partnership with Coinbase, Circle launched USD Coin (USDC). This is a stablecoin backed by actual US dollar reserves, with each USDC token worth exactly $1.
At this point, businesses could enjoy the benefits of cryptocurrencies, including instant global transfers, round-the-clock availability, and programmable smart contracts, without suffering from the extreme price volatility of Bitcoin.
The regulatory path Jeremy chose was fraught with risks. Unlike many crypto companies operating in gray areas, Circle worked directly with financial regulators to ensure that USDC met the highest standards of transparency and compliance.
This decision sometimes put Circle at a competitive disadvantage: other stablecoin issuers acted faster because they cared less about compliance. But Jeremy was playing a longer game.
By 2025, USDC had become the second-largest stablecoin by market capitalization, with a circulation of over $64 billion. Businesses used it for international payments, developers built financial applications on it, and individuals used it for instant cross-border remittances.
@usdc
Jeremy's success came after overcoming what industry observers called the 'nearly impossible distribution challenge.' Unlike Tether (which gained widespread use through early partnerships with Asian crypto exchanges), Circle had to build its distribution network from scratch.
Circle's response was to establish a strategic partnership with Coinbase: Circle would pay 50% of its net interest income to Coinbase in exchange for distribution rights in its network.
Is it costly? Yes. Is it effective? No doubt.
USDC became the primary alternative to Tether in Western markets.
Crisis Test
On March 10, 2023, in Dubai. This was supposed to be the weekend of Jeremy's son's 13th birthday.
At 2 a.m. local time, the phone began to ring.
Silicon Valley Bank faced collapse, and Circle had $3.3 billion of USDC reserves in that bank.
Within hours, USDC lost its peg, dropping to $0.87. Traders panicked, and the stablecoin Jeremy had spent five years building seemed to be on the verge of becoming worthless overnight.
Jeremy set up a virtual war room on Google Meet, working with a team on the East Coast, eight hours apart. His son's birthday party was put aside; this was about protecting the funds of millions who trust Circle.
Option A: Immediately transfer funds to other banks.
Option B: Rely on FDIC insurance to cover any losses.
Option C: Negotiate with companies willing to purchase Circle's assets at Silicon Valley Bank at a discount.
Under the watchful eye of the entire crypto world, Jeremy made a personal commitment: if deposits at Silicon Valley Bank could not be retrieved, Circle would 'make up the entire funding gap.'
This crisis tested all the cornerstones of Jeremy's reputation: transparency, accountability, and the determination to do the right thing in difficult times.
Circle published a detailed blog post explaining what happened and what steps they were taking to protect client assets.
Three days later, federal regulators guaranteed the deposits at Silicon Valley Bank.
USDC re-pegged to the dollar; the crisis was over.
Jeremy proved that Circle could withstand severe external shocks while maintaining customer trust. His chosen approach of cooperating with regulators rather than opposing them paid off at the most critical moment.
Throughout Circle's development, Jeremy positioned himself as the most prominent advocate for a 'clear regulatory framework' in the cryptocurrency space. Many crypto entrepreneurs disagreed, preferring to minimize regulation. But Jeremy testified to Congress, participated in regulatory working groups, and collaborated with global policymakers to shape cryptocurrency regulatory frameworks.
In 2024, Circle became the first major global stablecoin issuer to comply with the EU (Regulation on Markets in Crypto-Assets).
This strategy worked.
Subsequently, Jeremy decided to take Circle public.
The road to going public was not smooth. In 2021, there was an initial attempt to merge through a SPAC, but it did not receive SEC approval. However, Jeremy persevered.
In July 2025, Circle successfully went public on the New York Stock Exchange.
The IPO documents indicated that it was a well-revenue-generating, clearly compliant, large-scale company. Circle's public debut was valued at over $4.6 billion. Jeremy's decade-long bet on stablecoins yielded remarkable returns.
Today, Circle trades under the stock symbol CRCL, with a market cap exceeding $40 billion. Since its IPO in July, its stock price has risen over 430%, making it one of the most successful public market debuts in crypto history.
Jeremy believes that stablecoins are approaching their 'iPhone moment': when technology becomes practical and easy to use, leading to widespread adoption.
Genius Moment
On July 18, 2025, President Donald Trump signed a bill that validated Jeremy Allaire's decade of efforts. The (GENIUS Act) became the first comprehensive stablecoin regulatory bill in the U.S. Jeremy's advocacy for compliance positioned USDC advantageously.
(GENIUS Act) accomplished three things that Jeremy has advocated for years: First, it confirmed that stablecoins are not securities, eliminating the regulatory uncertainty that has troubled the industry; second, it required stablecoins to be fully backed by safe assets like government bonds, addressing the issue of reserve transparency; third, it brought stablecoin issuers into the same compliance framework as traditional banks.
Jeremy spent years building the infrastructure, and now governments around the world are rushing to adapt to an inevitable world of programmable currency.
This prophet, who saw the potential of the internet in 1990, foresaw the popularization of video in 2002, and perceived the cryptocurrency revolution in 2013, has just witnessed his third prediction redefine money itself.
In an industry obsessed with 'quick actions and breaking norms,' he proved that the most transformative changes often come from patience, persistence, and the wisdom to see what others overlook.
Three predictions, three industries left with a profound impact. If his past record is any guide, more significant changes lie ahead.
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