Intuit CFO: Stablecoins are the new ‘digital dollar’ rail

Good morning. Intuit is entering a multi-year strategic partnership with Circle Internet Group to integrate Circle’s USDC stablecoin and infrastructure across the Intuit platform.

“Our partnership with Circle is a strategic step toward building a world-class financial platform designed for an always-on, global economy,” Intuit CFO Sandeep Aujla told me about the partnership announced on Dec. 18. “By integrating stablecoins like USDC as a new ‘digital dollar’ rail for Intuit, we will help customers move money more seamlessly by extending our platform with a 24/7, programmable method that settles transactions near-instantly and at materially lower cost.”​

Intuit, a fintech company and maker of TurboTax, Credit Karma, and QuickBooks, already orchestrates across bank, card, and real-time payment methods, Aujla explained. Stablecoins add a modern, software-native rail that allows the company to move money with the same speed and intelligence as the rest of its platform, he said. When identity, wallets, and workflows come together, Intuit’s platform advantages compound, he added.​

“Intuit’s massive scale and industry leadership make it an ideal platform to extend the speed, power, and efficiency of USDC for everyday financial transactions,” Jeremy Allaire, co-founder, chairman, and CEO of Circle, said in a statement.​

Stablecoins, such as Circle’s USDC, are digital assets designed to maintain a stable value, typically pegged to and backed by the U.S. dollar or equivalent assets. In the U.S., the GENIUS Act has clarified how stablecoins are regulated, Fox-Geen said.

Circle CFO Jeremy Fox-Geen recently told me that regulatory certainty is “a major unlock” for large companies considering digital assets for corporate treasuries. Circle made its public debut on the New York Stock Exchange on June 5, marking the largest two-day post-IPO surge since 1980, Fortune reported. 

For Intuit, the long-term opportunity lies in the network effects, Aujla noted. He commented: “Approximately 100 million consumers and businesses use Intuit to get paid, pay others, and manage cash flow. We can embed smarter automation, richer insights, and new financial capabilities directly into their daily workflows. Intuit is moving with the speed of a startup and the discipline of an enterprise to define the next generation of money movement.”​

Sheryl Estrada
sheryl.estrada@fortune.com

This story was originally featured on Fortune.com