Circle, one of the world’s largest issuers of stablecoin, went public in June 2025, breaking new ground as the first U.S. stablecoin issuer to do so. Circle issues the world’s second largest dollar-backed stablecoin, USDC, and largest euro-backed stablecoin, EURC. Chairman and CEO of Circle, Jeremy Allaire, spoke to Fortune’s executive editorial director Diane Brady and editorial director Kristin Stoller about the digital currency and how he sees the future of crypto. In this episode of Leadership Next, they discuss why Allaire is lobbying for government regulation of stablecoin and why he says there needs to be global policy change to meet the new internet financial system.