Circle’s Kash Razzaghi: Crypto’s Next Phase Is Payments, Not Speculation

TLDR:

• • Circle’s USDC surpasses $77 billion in circulation as the company pivots toward payment infrastructure over speculation.
  • Kash Razzaghi says Davos conversations confirmed institutions now want blockchain for speed and cost, not trading.
  • Cross-border payments are the fastest-growing stablecoin use case, cutting settlement from days down to seconds.
  • Circle and Mastercard are partnering to build on-chain payment rails that bring trust and speed to global transactions.

Circle, the issuer of the USDC stablecoin, is making a clear case that crypto’s next chapter belongs to payments. With over $77 billion in USDC currently in circulation, the company is no longer content being known only for its stablecoin.

Chief Commercial Officer Kash Razzaghi outlined this position following Mastercard’s new Crypto Partner Program launch, which Circle joined. His message was direct: the era of speculation is giving way to practical financial infrastructure.

Speculation Built Crypto — But Payments Will Sustain It

Crypto markets have spent most of their history tied to speculation. Price cycles, trading booms, and sharp corrections have defined the industry’s public image for years.

Circle acknowledges this history without dismissing it. However, the company sees speculation as a starting point, not a destination.

Razzaghi was clear that trading will never fully disappear from the crypto landscape. The market will always attract investors looking for returns.

What is changing, though, is the weight given to utility over price movement. Circle is focused on building the infrastructure that makes that shift possible.

At Davos, conversations across the financial sector confirmed this direction. Banks, card networks, and traditional exchanges were not debating whether blockchain would replace them.

Instead, they were exploring how to use it to move money faster, cheaper, and more securely. That conversation marks a turning point for the entire industry.

The financial system’s core infrastructure has gone largely unchanged for roughly 75 years. Blockchain now offers a credible path to upgrading it.

Circle is positioning USDC as the currency that runs on that upgraded plumbing. Payments, not speculation, are the engine that will carry this forward.

Razzaghi noted that cross-border payments are already proving this point. Whether it is a diaspora family sending money home or a corporation settling across time zones, stablecoins are solving a real problem.

Settlement times are dropping from days to seconds. Fees are falling as intermediaries are removed from the process.

On-Chain Money Movement Is the Long-Term Goal

Circle’s broader strategy is to build what Razzaghi calls an “internet finance platform.” This includes developer tools, the Circle Payments Network, and its own blockchain, Arc.

Each product is designed to help companies move money on-chain without friction. The goal is to make blockchain payments accessible to any business.

Partnering with Mastercard is a central part of that strategy. “It takes an entire community,” Razzaghi said. Mastercard contributes the global trust network that merchants and consumers already rely on and contributes to the stablecoin infrastructure that makes on-chain settlement possible.

Store of value is also growing as a parallel use case, especially in inflation-hit economies. Citizens in Venezuela, Argentina, and Iran are already holding USDC to protect purchasing power.

This real-world demand adds another layer of utility beyond payments. Together, both use cases push the total stablecoin market cap higher over time.

Mainstream adoption, Razzaghi believes, will not arrive with a loud announcement. It will happen when users simply send dollars without knowing blockchain is involved.

Much like typing a web address without understanding HTTP, the technology will fade into the background. That is the future Circle is actively building—payments first, speculation second.

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