Jeremy Allaire, the CEO of Circle (the brains behind USD Coin or USDC), took to X on June 15 to claim that stablecoins are the “highest utility form of money ever created.” But don’t get too comfy yet, because he also pointed out that the stablecoin industry still hasn’t seen its big game-changing moment.
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
Programmability Will Bring the Real Change
Allaire was responding to Sam Broner of a16z Crypto, who made the bold claim that “stablecoins are better because they encourage competition.” Broner argued that the drop in fintech building costs means “anyone can program money.”
Stablecoins are better because they encourage competition.
— Sam Broner (@SamBroner) June 14, 2025
Now anyone can program money - the fixed & marginal costs of building a fintech are lower. More competition = better prices, better experiences, more access
Speed & cost (< 1 second, 1 cent) matter, but it's the…
Translation: competition is on the horizon, leading to cheaper, better, and more accessible services.
Broner emphasized that speed and cost matter; transactions must be under 1 second and cost around $0.01. But the real kicker? It’s all about permissionless programmability; that’s what will flip the market upside down.
The Stablecoin Industry’s iPhone Moment Is Coming
For those old enough to remember, Apple’s iPhone launch in 2007 changed the game forever, sparking the era of programmable smartphones. That’s what the industry calls the “iPhone moment,” a disruptive innovation that accelerates widespread adoption.
Allaire believes stablecoins haven’t had their “iPhone moment” yet, but he’s optimistic that it’s coming soon. Once that happens, he predicts developers will flock to build with programmable digital dollars, revolutionizing the internet as we know it.
Is the Stablecoin Revolution Coming Soon or What?
Even though the crypto community is buzzing, some still think stablecoins have a long way to go before they’re mainstream. One X user, Omar, pointed out that stablecoins are still pricier compared to other options, making them a niche choice for certain users. But he’s optimistic about future price drops, expecting the cost of transactions to “flip over time.”
Still early in stablecoin land when USDC / USDT payouts for Deel contractors running at 2% fees + 1$ ntwk charges
— Omar (@TheOneandOmsy) June 14, 2025
Services here provided by BVNK and payouts offered on ETH, Polygon, Tron. Also have a Coinbase USDC option at $5 under $300 or 1.6% above $300
In contrast,… pic.twitter.com/dDOrDa2MVl
Despite the slow burn, stablecoins are still on track to capture more of the payments space, especially when they start eating into market share from card providers.
Last month, Nobel-winning economist Paul Krugman was skeptical, saying that stablecoins “do not serve any clearly useful function.” Well, maybe he’s just not seeing the future we’re all waiting for.
Dayo Paul
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