Circle’s blockchain revolution is just getting started

According to Fortune, Circle Internet Financial’s CFO Jeremy Fox-Geen says blockchain technology represents a global megatrend comparable to the internet in the mid-1990s. The company just reported explosive Q3 results with combined revenue and reserve income up 66% year-over-year to $740 million and net income surging 202% to $214 million. USDC circulation reached $73.7 billion, up 108% from a year earlier, while on-chain transaction volume jumped 580% to $9.6 trillion. Circle went public on June 5 with the largest two-day post-IPO surge since 1980, and JPMorgan just upgraded the stock to “overweight” with a $100 price target. Fox-Geen credits the GENIUS Act for providing regulatory certainty that’s unlocking corporate adoption.

The infrastructure play

Here’s what’s interesting about Circle’s positioning. They’re not trying to be the flashy consumer app or the next hot DeFi protocol. Fox-Geen describes them as a “market-neutral infrastructure company” that sits in the foundation of this emerging internet financial system. Basically, they want to be the plumbing that other companies build upon. And when you look at those transaction numbers – $9.6 trillion in on-chain volume – you start to see why that infrastructure play makes sense. The Q3 earnings release shows this isn’t just theoretical growth anymore.

Why now?

Regulatory clarity appears to be the game-changer. Fox-Geen calls it “a major unlock” for large companies considering digital assets for corporate treasuries. Think about it – when you’re managing billions in corporate cash, you need to know the rules of the road. The GENIUS Act finally provides that framework for stablecoins. And JPMorgan’s upgrade to overweight suggests Wall Street is starting to get the story too. But here’s the thing: we’re still early. Fox-Geen compares this to the mid-1990s internet, which means most of the transformation is still ahead of us.

Pragmatic adoption

What I appreciate about Fox-Geen’s perspective is his pragmatism. His advice to CFOs exploring blockchain? “You don’t have to be a pioneer.” Fast follow works just fine. That’s actually refreshing in a space filled with maximalists shouting about revolution. The use cases he highlights – trading, settlement, dollarization, cross-border payments – aren’t sexy, but they’re where real business value gets created. Why can’t sending money be as easy as sending a text message? When you frame it that way, the current system does seem absurd.

Beyond Circle

Meanwhile, the broader CFO landscape continues shifting. Adam Schneider just joined Millennium Systems International as CFO after leading global FP&A at Lightspeed Commerce. And Madhav Srinivasan moved to Frost Brown Todd after serving as CFO at an Am Law 50 firm. These moves suggest companies across sectors are prioritizing financial leadership with digital transformation experience. Even traditional industries are recognizing that the infrastructure of business is changing rapidly.