Original Article Title: Jeremy Allaire: The Prophet of Protocols

Original Article Author: Thejaswini M A, Token Dispatch

Original Article Translation: Saoirse, Foresight News

「We are in the early stages of a disruptive technology that has the potential to bring about a significant transformation to the world, much like the internet did.」

Jeremy Allaire has accurately predicted the future three times. The first time was in 1990, when most people had never heard of the "internet," he foresaw the transformative potential of the World Wide Web. This insight led to the creation of ColdFusion software, earning him millions in wealth.

The second time was in 2002, when he predicted that anyone would be able to distribute 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 cryptocurrency could become the cornerstone of an entirely new financial system. This bet may forever change the way money operates.

At 54, Allaire has spent three decades building the invisible infrastructure that powers the digital world. The stablecoin USDC, founded by him, processes trillions of dollars in transactions annually and has become a bridge between traditional finance and the crypto economy.

But for someone whose profession is to envision the unseen, Allaire's strides in building the future have never ceased.

The Decade of Web Awakening

1990, Macalester College dormitory in Minnesota.

Jeremy Allaire's roommate did something almost unimaginable. As a staff member of the school's computer services department, he managed to connect the dormitory to the internet. At that time, most people thought of the "web" as just a spider's web, but Allaire was about to catch a glimpse of the future.

The moment of first logging into the network, everything changed.

He said at the time, "This will change the world," a statement far from a college student's casual remark. By the time of his graduation in 1993, the internet had become his "primary passion."

Think about the historical context: When Allaire first encountered the Internet, Netscape hadn't been born yet, Yahoo hadn't been founded, and the term "cyberspace" was relatively unknown. He foresaw the next chapter of human civilization ahead of time.

But the foundation for this moment had been laid many years before.

In 1984, in the Allaire family living room in Winona, Minnesota.

13-year-old Jeremy made a small request to his parents: to lend him $5,000 to start a baseball card trading business. His father, Jim, was a psychologist, and mother, Barb, was a newspaper editor. They understood people and information but were puzzled by their son wanting to use a large sum of money to trade pieces of cardboard.

While other kids collected cards for fun, Jeremy took a different approach: he saw market inefficiencies, price trends, and the opportunity to buy low and sell high.

Eventually, he doubled his initial investment.

In 1993, fresh out of college, his mind was filled with thoughts of the Internet.

Jeremy encountered a problem: almost no one understood what he was talking about. The Internet? Most companies had never heard of it. So, he did something logical—he started his own company.

The "Global Internet Perspective" was born, providing consulting to media publishers who wanted to understand this mysterious "network." However, the consulting business couldn't change the world.

In 1995, a conversation between Jeremy and his brother, J.J., would either make them rich beyond belief or leave them penniless.

They used J.J.'s $18,000 in savings to found Allaire Corporation, which was almost their entire net worth.

The brothers' collaboration was perfect: J.J. handled programming while Jeremy focused on market demand. It was 1995, Netscape had not yet monopolized the browser market, and businesses were not yet aware of the commercial 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 needing to hire a large number of programmers. This software became the foundation of e-commerce, the pillar of content management, and the engine driving the development during the Internet bubble era.

@adobecoldfusion

Starting from a 12-person team in Minnesota, they quickly became profitable.

Realizing that the expansion of the internet was far beyond expectations, they partnered with Polaris Ventures in Boston and received their first substantial funding: $2.5 million.

When they tried to move to Silicon Valley, the landlord rejected them for being "too small," so they turned to Boston instead. This rejection may have saved them. The Boston tech scene provided them with resources and talent without the self-centered culture of Silicon Valley.

Annual revenue skyrocketed from over $1 million in 1996 to around $120 million in 2000. The company grew to over 700 employees, with offices across North America, Europe, Asia, and Australia. In January 1999, as proof that the internet was more than just hype, they went public on the NASDAQ.

March 2001, the 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 becoming the chief technology officer of this multimedia giant, while J.J. exited the tech industry to pursue other interests.

The Video Revolution

In 2002, as the chief technology officer of Macromedia, Jeremy walked into a meeting room with an idea that might unsettle the executives.

He understood the significance of the current data: Macromedia's Flash technology, which powered early internet multimedia such as animation, video, and gaming, was installed on 98% of computers worldwide, and broadband was becoming widespread. Everything was in place, just waiting for 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 a global audience.

Imagine YouTube, but the concept was several years ahead of Google's rumored video platform.

Macromedia's executives listened politely and then rejected the project.

Jeremy watched helplessly as his company missed out on the future of the media industry. The company that brought Flash to the world (a core technology for early internet multimedia) had just turned down a foray into online video, missing out on the opportunity to participate in a key part of the web.

In February 2003, Jeremy resigned from Macromedia.

His colleagues thought he was crazy. As the CTO of a large tech company, earning a good salary, responsible for important products, why would he give it all up?

Because he saw the future, and Macromedia had no intention of building it.

Jeremy joined General Catalyst as an entrepreneur-in-residence. Within a year, he researched the market, observed all the elements falling into place, and prepared to challenge the entire television industry. He was just waiting for the right moment.

In 2004, he co-founded Brightcove with others, with the vision of "creating a direct-to-consumer environment for independent video creators, bypassing traditional television networks and channels."

Jeremy's strategy shifted from his first company: no longer bootstrapping with borrowed money, he decided to "get VC funding immediately and scale fast." Challenging the television industry required substantial funding and partnerships with major content producers.

The company's mission reflected Jeremy's deepening understanding of the democratizing power of internet technology. Subsequent events proved Jeremy right: content creators who couldn't afford TV network fees suddenly had a global distribution channel; independent filmmakers could reach audiences without groveling to media moguls.

In 2012, Brightcove went public, with a valuation of $290 million, and Jeremy held a 7.1% stake.

He successfully built a market where thousands of creators could reach a global audience without pleading to TV networks, movie studios, or media executives. But as Brightcove conquered the online video space, he stepped down as CEO in 2013 to become chairman.

Why leave when everything was going well? This was the second time. But Jeremy's gaze was already fixed on the next corner.

Currency Revolution

In 2013, Jeremy Allaire once again stared at a computer screen, just like he did 23 years ago in a dorm room in Minnesota.

This time, he was researching something called Bitcoin.

The 2008 financial crisis had made him question everything about the traditional banking industry. With Lehman Brothers bankrupt, Bear Stearns vanished, and the global financial system on the brink of collapse, Jeremy wondered if there was a better way.

When he first encountered Bitcoin, that feeling was familiar, almost déjà vu. "I have the exact same feelings about digital currency, especially Bitcoin," he told Fortune magazine, "We are in the early stages of a disruptive technology that has the potential to be as transformative as the internet for the world."

He saw what he called a "universal system of fund transfer, much like how the HTTP protocol is the basis for information dissemination on the internet."

In October 2013, Jeremy co-founded Circle with Sean Neville.

Their vision was to help create the world's first truly global currency based on the internet, Bitcoin, and other open platforms and standards.

Accel Partners and other prominent venture capitalists immediately joined in. Everyone sensed that this was not an incremental improvement to existing financial services.

Jeremy aimed to create a programmable currency that could settle payments almost instantly at a cost only a fraction of traditional wire transfers. They weren't 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 slow down and make international transfers 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 with the technology but with volatility that the breakthrough came.

The Birth of USDC in 2018

Through a collaboration with Coinbase under the Centre Consortium, Circle launched the USD Coin (USDC). This is a stablecoin backed by actual US dollar reserves, with each USDC token precisely valued at $1.

Now, businesses could enjoy the benefits of cryptocurrency, including instant global transfers, 24/7 availability, and programmable smart contracts, without having to deal with Bitcoin's drastic price fluctuations.

Jeremy's chosen regulatory path is full of risks. Unlike many crypto companies operating in the gray area, Circle collaborates directly with financial regulators to ensure USDC meets the highest standards of transparency and compliance.

This decision sometimes puts Circle at a competitive disadvantage: other stablecoin issuers move faster because they are less concerned about compliance. But Jeremy is playing a longer game.

By 2025, USDC has become the second-largest stablecoin by market capitalization, with a circulating supply exceeding $64 billion. Enterprises use it for international payments, developers build financial applications on top of it, and individuals use it for instant cross-border remittances.

@usdc

Jeremy's success came after overcoming what industry observers termed the "almost impossible distribution challenge." Unlike Tether (which gained widespread adoption early through partnerships with Asian crypto exchanges), Circle had to build a distribution network from scratch.

Circle's response was to establish a strategic partnership with Coinbase: Circle agreed to pay 50% of its net interest income to Coinbase in exchange for distribution rights in its network.

Was it costly? Yes. Was it effective? Without a doubt.

USDC has become the primary alternative to Tether in Western markets.

Crisis Test

March 10, 2023, Dubai. It was supposed to be the weekend of Jeremy's son's 13th birthday.

At 2 a.m. local time, the phone started ringing.

Silicon Valley Bank was facing collapse, and Circle had $3.3 billion of USDC reserves held in that bank.

Within hours, USDC broke its peg and plummeted to $0.87. Traders were in panic as the stablecoin that Jeremy had spent five years building seemed like it could become virtually worthless overnight.

Jeremy assembled a virtual war room on Google Meet, working with teams on the East Coast with an 8-hour time difference. His son's birthday party was put on hold as this was about safeguarding the funds of millions who trusted Circle.

Solution A: Immediately transfer the funds to another bank.

Solution B: Rely on the Federal Deposit Insurance Corporation (FDIC) to insure the deposits and cover any losses.

Solution C: Negotiate with a company willing to purchase Circle's assets at a discount at Silicon Valley Bank.

Under the watchful eye of the entire crypto world, Jeremy made a personal commitment: if Silicon Valley Bank's deposits couldn't be recovered, 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 released a detailed blog post, explaining what exactly happened and the steps they were taking to protect customer assets.

Three days later, federal regulatory agencies provided guarantees for Silicon Valley Bank's deposits.

USDC was restored to being pegged to the dollar, and the crisis was averted.

Jeremy proved that Circle could withstand severe external shocks while maintaining customer trust. His choice to cooperate with regulators rather than confront them paid off at the most crucial moment.

Throughout Circle's development, Jeremy positioned himself as the foremost "advocate for a clear regulatory framework" in the cryptocurrency space. Many crypto entrepreneurs disagreed with this approach, preferring to minimize regulation. But Jeremy testified before 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's "Crypto Assets Market Regulation Act."

This strategy paid off.

Subsequently, Jeremy decided to take Circle public.

The path to an IPO was not smooth. In 2021, the first attempt at a SPAC merger was not approved by the SEC. However, Jeremy persisted.

In July 2025, Circle successfully went public on the New York Stock Exchange.

The IPO filing revealed a company with substantial revenue, clear compliance, and a large-scale business. Circle's public debut valued the company at over $46 billion. Jeremy's decade-long bet on stablecoins had yielded an astounding return.

Today, Circle trades under the ticker symbol CRCL, with a market capitalization exceeding $400 billion. Since its July IPO, the stock price has surged by over 430%, making it one of the most successful public market debuts in crypto history.

Jeremy believes stablecoins are approaching their "iPhone moment": where the technology becomes practical and user-friendly, enabling a moment of mass adoption.

Genius Moment

On July 18, 2025, President Donald Trump signed a bill that validated Jeremy Allaire's efforts of the past decade. The "GENIUS Act" became the United States' first comprehensive stablecoin regulatory act. Jeremy's advocacy for a compliance-first approach positioned USDC perfectly.

The "GENIUS Act" accomplished three things Jeremy had been advocating for years: first, confirming stablecoins are not securities, removing regulatory uncertainties that plagued the industry; second, requiring stablecoins to be fully backed by secure assets like government bonds, addressing reserve transparency concerns; third, bringing stablecoin issuers under the same compliance framework as traditional banks.

After years of infrastructure-building by Jeremy, governments worldwide are now scrambling to adapt to an inevitable world of programmable money.

The prophet who saw the potential of the internet in 1990, foresaw the popularization of video in 2002, and insightfully recognized the cryptocurrency revolution in 2013 has just witnessed his third prediction redefine money itself.

In an industry obsessed with "move fast, break things," he has proven that the most transformative changes often come from patience, persistence, and the wisdom to see what others overlook.

Three predictions, three industries left profoundly impacted. If his track record is any indication, even more significant changes lie ahead.

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