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 inf...