The blockchain-based fintech Circle is perhaps best known as the issuer of USDC stablecoins, but the company is much broader than that. In the words of its leaders, Circle seeks to build a foundational economic operating system for an AI-driven digital economy running on a blockchain-based payments infrastructure. In this episode Circle CFO Jeremy Fox-Geen speaks with McKinsey partner and payments industry expert Matt Higginson about the effect of the passage of 2025’s Genius Act on the future of stablecoin innovation, sources of future value, and how his background in philosophy informs his work and leadership style.

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The 2025 McKinsey Global Payments Report: Competing systems, contested outcomes
Guardrails for growth: Building a resilient payments system
The stable door opens: How tokenized cash enables next-gen payments
Global Banking Annual Review 2025: Why precision, not heft, defines the future of banking
After the surge: Tien‑Tsin Huang on the future of payments
The future of the payments industry: How managing risk can drive growth

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The blockchain-based fintech Circle is perhaps best known as the issuer of USDC stablecoins, but the company is much broader than that. In the words of its leaders, Circle seeks to build a foundational economic operating system for an AI-driven digital economy running on a blockchain-based payments infrastructure. In this episode Circle CFO Jeremy Fox-Geen speaks with McKinsey partner and payments industry expert&nbsp;<a href="https://www.mckinsey.com/our-people/matt-higginson">Matt Higginson</a> about the effect of the passage of 2025&rsquo;s Genius Act on the future of stablecoin innovation, sources of future value, and how his background in philosophy informs his work and leadership style.
Related insights
<a href="https://www.mckinsey.com/industries/financial-services/our-insights/global-payments-report">The 2025 McKinsey Global Payments Report: Competing systems, contested outcomes</a> <a href="https://www.mckinsey.com/industries/financial-services/our-insights/guardrails-for-growth-building-a-resilient-payments-system">Guardrails for growth: Building a resilient payments system</a> <a href="https://www.mckinsey.com/industries/financial-services/our-insights/the-stable-door-opens-how-tokenized-cash-enables-next-gen-payments">The stable door opens: How tokenized cash enables next-gen payments</a> <a href="https://www.mckinsey.com/industries/financial-services/our-insights/global-banking-annual-review">Global Banking Annual Review 2025: Why precision, not heft, defines the future of banking</a> <a href="https://www.mckinsey.com/industries/financial-services/our-insights/after-the-surge-tien-tsin-huang-on-the-future-of-payments">After the surge: Tien‑Tsin Huang on the future of payments</a> <a href="https://www.mckinsey.com/capabilities/risk-and-resilience/our-insights/the-future-of-the-payments-industry-how-managing-risk-can-drive-growth">The future of the payments industry: How managing risk can drive growth</a>
Follow our banking and payments sector insights:&nbsp;<a href="https://www.mckinsey.com/industries/financial-services/our-insights/talking-banking-matters">Talking Banking Matters</a>
Read our Financial services blog:&nbsp;<a href="https://www.mckinsey.com/industries/financial-services/our-insights/banking-matters">Banking &amp; Securities Matters</a>
Discover our latest insights with our LinkedIn community of 9,000+ financial services professionals:&nbsp;<a href="https://www.linkedin.com/showcase/mckinseyfinancialservices/posts/?feedView=all">McKinsey Financial Services</a>
Find all of our Financial Services insights on&nbsp;<a href="https://www.mckinsey.com/industries/financial-services/how-we-help-clients">McKinsey.com</a>
See&nbsp;<a href="http://www.mckinsey.com/privacy-policy">www.mckinsey.com/privacy-policy</a> for privacy information

Hear conversations covering the full spectrum of today's global financial services industry with industry leaders including payments, fintech, retail banking, and beyond. Get insight from peers who are tackling top-of-mind business challenges to lead their companies’ growth and transformation. 

Hear conversations covering the full spectrum of today's global financial services industry with industry leaders including payments, fintech, retail banking, and beyond. Get insight from peers who are tackling top-of-mind business challenges to lead their companies’ growth and transformation.