Companies exploring stablecoins should think twice before launching their own digital dollar or euro, according to Circle, one of the leading stablecoin issuers. In a recent post, Circle’s Chief Business Officer Kash Razzaghi highlighted that issuing a token is easy, but running a globally trusted stablecoin requires robust infrastructure, regulatory compliance, and operational rigour.
As stablecoins surpass $300B in market cap, many enterprises are asking the same question: should we issue our own?
As Circle CCO @KashRazzaghi explains, this isn’t a technical decision. It’s a strategic one.
Operating a trusted, regulated stablecoin at scale requires…
— Circle (@circle) February 2, 2026
Operational risks and regulatory hurdles
Circle warns that managing a stablecoin extends far beyond coding. Companies must maintain real-time reserve management, coordinate multiple banking partners, conduct independent audits, and ensure 24/7 operational oversight.
Failure to maintain these systems can lead to large-scale disruptions, as shown by prior incidents where stablecoins briefly lost their peg or were mis-minted. Circle emphasizes that these operational burdens often exceed what most businesses anticipate, especially when scaling to serve institutional clients or global markets.
Liquidity and trust drive success
Razzaghi noted that trust and liquidity are the real differentiators in the stablecoin space. Despite over 300 stablecoin projects launched, only a handful, like USDC and EURC, achieve global adoption. Integration with established issuers offers businesses immediate access to deep liquidity, compliance frameworks, and global distribution, without building the infrastructure from scratch. According to Circle, leveraging existing networks can save years of development and reduce exposure to regulatory or operational failures.
The stablecoin market grew from roughly $205 billion to over $300 billion in 2025, and USDC alone closed the year above $75 billion in market cap. Circle argues that businesses considering stablecoins should focus on partnerships rather than creating new tokens, ensuring they tap into proven infrastructure while avoiding unnecessary risks.
For companies evaluating stablecoin strategies, the takeaway is clear: issuing a token is easy, but earning trust, ensuring liquidity, and meeting compliance standards are the true challenges.
Meanwhile, Circle Internet Group says it will prioritize building long-term, resilient infrastructure in 2026 as it looks to accelerate stablecoin adoption among companies and financial institutions.
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