Jason: All right, everybody. Welcome back to AllIn at Davos. We're here at the World Economic Forum. For some reason, they invited me and I'm here interviewing all the most important people in the All-In style, which is Full Contact.

Jason: I think most of us agree going into 2026, stable coins and AI, crypto having a huge resurgence and, we were lucky enough to get two of my friends, Brian Armstrong from Coinbase, and Jeremy, who's the CEO and co-founder of Circle. We've known each other for 30 years.

Jeremy Allaire: Yeah, it's amazing.

Jason: What a long strange trip it's been. And this is not your first time at Davos. You've been here a couple times.

Jeremy Allaire: Yeah, I started coming with my last company Brightcove back in 2008 2009. It was a very different time, there was great financial crisis breaking out everywhere, and notable, I always reference that same week was when the first block of the Bitcoin blockchain was minted.

Jason: Yeah, it's fascinating. I think it's Game of Thrones. Chaos is a ladder. For guys like us who've been through this I guess three times now, this is the time to build.

Jeremy Allaire: Yeah, totally. Constraints have a huge impact on what an entrepreneur does. In even in the history of Circle, we've had extraordinary up and downs. When I got started working on this almost 13 years ago, Bitcoin had emerged. From my perspective as an internet technologist, I was thinking about wow this seems like a missing infrastructure layer of the internet. The internet had ways to represent data, media, software but there was no notion of money on the internet and there was no protocol for money on the internet.

Jeremy Allaire: It was very clear at the time that that was going to happen. My view is that we needed a bridge. We needed to connect the existing fiat system to crypto and to these new networks and build what we called like an HTTP for dollars on the internet and that was the idea and eventually that's called stable coins.

Jason: And I remember talking to you offline about this. It was the easier decision for most people in crypto to go to the Zug here in Switzerland or be based in maybe Dubai. And just yolo it and don't worry about regulations and don't worry about audits. You made a different decision. You told me, "No, I'm going to do this buttoned up and proper." And why didn't you go for the quick offshore path?

Jeremy Allaire: If you want to build a new internet native financial system that the whole world uses, you have to integrate with the existing system and you have to work with policy makers to figure that out. I testified to the Senate in November of 2013. I got a lot of hate very early on. But if you want BlackRock to use it or you want the biggest tech companies in the world to use it, you end up needing to have this kind of structure around it for trust.

Jason: Now it's gone from a threat to an opportunity, but there is still a little reticence by some of the major banks because they're a little concerned that you're too good at what you do and you might be too far ahead.

Jeremy Allaire: I think that that's there's some truth in that for sure. It's very similar to other eras of the internet. When digital media happened, there obviously were companies that built completely different types of utilities with completely different unit economics that kind of turned the product user experience and the economics upside down. We know those companies like Craigslist, Google ad network, Amazon. We're in a similar place right now.

Jason: The banks now are threatened by the concept of a stable coin having the ability to generate points incentives or interest. The Genius Act says hey you can have rewards but you can't have interest. Explain that to the audience.

Jeremy Allaire: Under the Genius Act, Circle as a payment stable coin issuer we're prohibited from paying interest directly to stable coin holders. It's the same thing in Europe and Japan. But at the same time, we're building a business. We work with everyone from Robinhood to Coinbase to Visa. Those companies want to be able to have the ability to pay rewards or have loyalty programs. And if they're making money from the relationship with us, they want to be able to do that. And that's what the Genius Act captured.

Jason: You're up against an offshore platform, Tether, who has maybe three to five times the amount under management. Rumor is they're going to do a US version and try to go legit and audited. How do you think about them as a competitor?

Jeremy Allaire: The beauty of having the Genius Act is that it creates a level playing field. It defines a federal law that you have to be regulated by the national bank regulator, the OCC. USDC is by far the largest regulated stable coin network. Stable coins are network businesses. Every time an app integrates, like Cash App, Stripe, or Shopify, it adds utility to the network and it adds network effects. We've built out this incredible liquidity network, and that's defensibility.

Jason: George Kurtz is here. He's the CEO and co-founder of CrowdStrike. Speaking of security, AI is going to have a profound impact on defense and also offense. What is the attack vector that AI is most effective at sitting here in 2026?

George Kurtz: Essentially you're minting new adversaries because you don't have to have all the knowledge that you had to have in the past. You can ask any number of LLMs. The attack timeline has been compressed. What we're seeing now is autonomous malware.

Jason: Explain in plain English to the audience what that is.

George Kurtz: Traditionally, malware would phone home. Now these can run autonomously without ever phoning home, like a sleeper agent. They're prompts, not actually code. It will autonomously interact with an LLM and it will begin to prompt its way to getting to what it needs.

Jason: So scary. How does one counter that?

George Kurtz: Well, you need AI to counter it. We've leveraged the large data set that we've amassed over 14 years to train our own models. There's only a few ways to break into a bank. At the end of the day, you got to get the money and you got to get out. We've trained our models to look for these indicators of attack.

Jason: They were even using AI to get developer jobs in the United States, convince Americans to put laptops in their homes so that they could remote work. Talk to me about that attack vector.

George Kurtz: We were one of the first to ever find that. We found 40 of them, now hundreds. The company investigated and said, "Yeah, you were right." But the guy's boss said, "Well, do we have to get rid of him because he did such good work?"

Jason: Remote work has opened up so many vectors. Do you support it in the company?

George Kurtz: We do. But best practice really is: Meet whoever you hire. With AI, resumes and LinkedIn profiles are AI generated. Best companies are actually embedding a security person in the HR group.

Jason: Adam Goldstein, CEO of Archer Aviation. Two years ago, you promised us we get flying cars. When can I go from Manhattan to JFK?

Adam Goldstein: The hardest part is the certification. President Trump issued an executive order that was fast-tracking the program through the regulators. There are now five cities going to be announced in the first quarter and then we'll start flying in the summer.

Jason: Archer Aviation bought an airport?

Adam Goldstein: We did. It's around $170 million for the master lease. It borders SpaceX and Tesla design center. It's about 2 miles from LAX. It gives us a hub in Los Angeles.

Jason: Are these much safer than helicopters?

Adam Goldstein: The redundancy allows you to certify with zero single points of failure. We have 12 rotors, actually 24 redundant motors. We have a big 50ft wing, you can glide. A helicopter doesn't have that. It would be an order of magnitude safer.

Jason: Chase Lochmiller, CEO and co-founder of Crusoe Cloud. You were part of an early contingent of NeoClouds.

Chase Lochmiller: Crusoe is a business that's always taken this very energy first approach. In Abilene, Texas, there was an abundant amount of wind and solar that had issues with transmission. Power prices were actually frequently negative. We have a 1.2 gigawatt substation there and built a 350 megawatt gas plant on site.

Jason: You recently did something with Boom Supersonic?

Chase Lochmiller: Yeah, they had re-engineered this turbine for supersonic jet travel. We said, "Could we use that to generate power?" Now we're their first large purchase order for $1.2 billion of gas turbines to power AI infrastructure.

Jason: You're hoping to energize the first AI factory powered by an SMR in 2027?

Chase Lochmiller: Correct. The partner is Oklo Energy. It's going to be at the Idaho National Lab. We're ultimately going to get to one megawatt racks. One megawatt is roughly the amount of power of a thousand homes. We have over 45 gigawatts in our pipeline.

Jason: Thanks for the time, everybody. 2026 looks like it's going to be the most exciting year for technology implementation.