Billionaire Circle CEO Plays by Rules in Crypto Wild West (1)

Jeremy Allaire still has something to prove.

The chief executive of Circle Internet Group Inc. is running one of the most established companies in stablecoins, the latest craze in cryptocurrency. The business model he pushed for years has been codified into law by President Donald Trump. And Allaire is now a billionaire thanks to Circle’s initial public offering in June that kicked off this year’s wave of crypto IPOs.

Yet the 54-year-old CEO still struggles to win hearts and minds in his industry, while Circle is under attack from all sides. It operates in a fiercely competitive environment as ...