Good morning. Blockchain technology is gaining mainstream traction in the U.S., with clearer regulations emerging as a key driver of adoption.
To explore what that 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 internet financial system,” Fox-Geen told me.
That system, he explained, encompasses blockchains, digital assets, and the applications built upon them—technologies that promise “massive benefits to businesses and consumers all around the world,” he said. While blockchain is already transforming parts of the economy, he emphasized 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 internet financial system’s foundation—spanning blockchain, digital-asset, and application layers. “We’re a platform that other companies choose to build upon,” he said.
Stablecoins, such as Circle’s USD Coin (USDC), are digital assets designed to maintain a stable value, typically pegged to and backed by the U.S. dollar or equivalent assets. In the U.S., the GENIUS Act has clarified how stablecoins are regulated, Fox-Geen noted. Regulatory certainty, he said, is “a major unlock” for large companies considering digital assets for corporate treasuries—and a driver of multi-year growth for Circle.
Key use cases for stablecoins include trading, settlement, dollarization, and cross-border payments. Circle’s platform supports these use cases, aiming to reduce friction and cost 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 Q3 results: combined revenue and reserve income grew 66% year-over-year to $740 million, while net income rose 202% to $214 million. USDC circulation reached $73.7 billion, up 108% from a year earlier, and on-chain transaction volume jumped 580% to $9.6 trillion—evidence of its expanding real-world utility, Fox-Geen explained. JPMorgan has upgraded Circle’s stock to “overweight” from “underweight” and increased its price target to $100 from $94, which helped rebound Circle shares in pre-market trading on Thursday.
Fox-Geen said that blockchain’s transformation of the financial system is just beginning—comparable to the internet’s evolution in the mid-1990s. “The disruption is underway, but the technologies are still maturing,” he said.
Banks, neobanks, payment firms, and capital markets participants are already integrating blockchain for trading, settlement, and supply-chain payments. “We’re seeing use cases grow fastest where costs, frictions, 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. Before that, he was CFO for McKinsey & Company, North America, and held senior roles with PricewaterhouseCoopers and Citigroup.
Circle is now building the fourth generation of blockchains, he said, as well as Arc, a native Layer-1 blockchain optimized to bring economic activity to the internet.
To illustrate his thoughts on blockchain’s promise, Fox-Geen posed this question:
“Why can’t you send money to anyone in the world—instantly and for free—just like sending a photo or text message? When you put it like that, it’s absurd that you can’t.”
For CFOs and finance leaders exploring blockchain for the first time, his advice is pragmatic: fast follow.
“You don’t have to be a pioneer,” he said. “Institutions will bring these benefits to you.”
Sheryl Estrada
sheryl.estrada@fortune.com
Leaderboard
Adam Schneider was appointed CFO of Millennium Systems International, the maker of Meevo, a salon, spa, and med spa software platform. Schneider brings more than 15 years of experience. Most recently, he led global FP&A at Lightspeed Commerce, a global commerce platform. He joined Lightspeed through its acquisition of NuORDER, where he served as both chief operating officer and CFO.
Madhav Srinivasan was appointed CFO of Frost Brown Todd (FBT). Before joining FBT, Srinivasan served as CFO at a leading Am Law 50 firm, where he directed its global finance operations. Earlier in his career, he held senior financial and operational leadership roles at several international law firms and major corporations.
Big Deal
The 2025 Fortune World’s Best Workplaces 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 over 25 million workers around the globe.
Hilton Worldwide Holdings earned the No. 1 spot on the list. You can view the complete list of 25 companies here.
Despite the challenges of operating at global scale and complexity, these companies have outperformed their peers, both locally and globally, on measures of employee trust, pride, and camaraderie.
Going deeper
"Record U.S. government shutdown is over—but Wall Street only has 10 weeks to relax before the next one could begin" is a Fortune report by Eleanor Pringle.
Pringle writes: "The U.S. government shutdown, the longest in history, has finally come to an end. An optimist might assume the funding deal will avert a similar crisis—perhaps until the next administration, or for a couple of years at least? Not so. The countdown is already on, and the clock is set to 78 days.
"Last night, President Donald Trump signed a funding bill to end the 43-day impasse on Capitol Hill. In it were funding provisions for departments including SNAP food aid, the Department of Agriculture, Congress, and veterans affairs through September next year. Unfortunately, the vast majority of federal departments only had their budgets approved until January 30." Read more here.
Overheard
"AI and automation are already reshaping the future of work, but our collective choices will determine whether the disruption leads to decline or renewal. Deeper partnerships across government, academia, and industry will build a talent pipeline that is more innovative than ever before."
—Vimal Kapur, chairman and CEO of Honeywell, writes in a Fortune opinion piece.
