Kevin Lehtiniitty on Schwab Network: Rates, Crypto Volatility & Circle (CRCL)

In a Schwab Network discussion following Circle’s latest earnings, Borderless CEO Kevin Lehtiniitty joined Todd Sienkiewicz of the Free Markets ETF to examine the pressures facing Circle (CRCL) amid declining interest rates, rising competition, and increased crypto market volatility. While Circle benefited from growth in U.S. dollar stablecoin usage, the panel noted that a lower-rate environment challenges the company’s yield-driven revenue model, weighing on near-term earnings performance.

Lehtiniitty highlighted Circle’s strategic pivot toward becoming a broader financial infrastructure platform, pointing to new initiatives such as its Ark blockchain and Circle Payments Network. The conversation expanded to the accelerating institutional adoption of stablecoins for payments and remittances, supported by regulatory clarity from frameworks like the GENIUS Act. As stablecoins move from crypto-native tools to mainstream financial infrastructure, the panel emphasized infrastructure providers—not just token issuers—as key long-term beneficiaries of the evolving digital payments landscape.