Jeremy Allaire warned that the breakthrough time for stablecoins has not yet arrived.
There is a debate in the crypto community about whether stablecoins can avoid political capture.
However, one user on platform X noted the need to compare USDC specifically with payment systems, rather than its direct competitor — the issuer of USDT.
Co-founder and CEO of #Circle — the issuer of the stablecoin $USDC — Jeremy Allaire stated that stablecoins have the potential to become an effective form of money, but the industry has not yet reached the so-called "iPhone moment" — a key stage of mass awareness of the technology's advantages.
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. https://t.co/tAKgDFrAbW
— Jeremy Allaire – jda.eth / jdallaire.sol (@jerallaire) June 14, 2025
"The most useful form of money ever created. But we are not yet at the iPhone moment when developers everywhere realize the power and opportunities of programmable digital dollars on the internet in the same way they once saw the potential of programmable mobile devices. Soon," noted Allaire.
This comment came against the backdrop of growing debates about the role of stablecoins in the U.S. financial system and the risk of their capture by political or commercial interests.
Recall that recently the U.S. Senate supported the stablecoin bill "Guiding and Establishing National Innovation for U.S. Stablecoins" (GENIUS Act).
In response to Allaire's message, a user on platform X (formerly Twitter) under the pseudonym Green Eyed Ghost warned of the threat of monopolization in the industry:
"With Trump on the scene, stablecoins are a fully captured industry. Amendments against capture and super profits must be demanded in the GENIUS bill. What is happening now is anti-competitive and unpatriotic. This is exactly the kind of corruption that accelerates the rollback of democracy. The American public sees this. Don't be an accomplice."
It is worth noting that the chairman of the House Financial Services Committee, French Hill, has noted the threat posed by President Donald Trump's crypto projects to the regulation of stablecoins.
At the same time, investor from a16z crypto Sam Broner, to whose message Allaire replied, points out the advantages of stablecoins in openness and competition:
"Stablecoins are better because they encourage competition. Now anyone can program money — fixed and marginal costs for fintech creation have decreased. More competition equals better prices, better experience, better access."
This position is supported by other industry representatives as well. ReflectMoney founder Nico emphasized a paradigm shift in the banking system:
"The lack of need for hundreds or thousands of people to effectively manage deposits changes banking forever. Storage, mediation, and payments — literally a few lines of code."
Web3 project participant MoonwellDeFi and Mamo_agent, under the pseudonym LukeYoungblood.eth, noted the innovativeness of the USDC approach:
"There are many false comparisons with Tether, but in reality, we need to compare it with payment networks. USDC is programmable money that can be minted and burned on more than 20 networks. The value is in the 12 trillion payment volume and the ability to instantly carry out cross-border transactions."
