Cryptoupdated 2h ago2 min read
Circle CEO Jeremy Allaire Plans USDC Expansion Into 50 Emerging Markets
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Circle plans expansion into about 40–50 emerging markets for USDC. Demand for digital dollars growing across Southeast Asia, Latin America, Middle East.
5 outlets told this the same way.
Circle targets 40 markets
Circle CEO Jeremy Allaire told Reuters that Circle plans to expand USDC into about 50 emerging and developing markets as demand for digital-dollar payments grows across Southeast Asia, Latin America and the Middle East. Circle also targeted about 40 emerging and developing markets, with Allaire describing the moment as moving from the blockchain’s early trials to large-scale adoption. Circle said USDC posted a year-over-year increase of 19% in circulation, reaching USD 73.3 billion in the second quarter.
Circle said it controls roughly a quarter of the stablecoin market, compared with nearly 60% for Tether’s USDT. Circle said it agreed to buy Singapore-based payments firm Tazapay for $400 million, giving it access to local banking and payment networks across more than 100 markets.
Mainstream transition framing
Allaire told Reuters that businesses and individuals across Southeast Asia, Latin America and the Middle East are increasingly turning to stablecoins for payments and other financial services.
Allaire described the shift as "We're kind of going through an inflection point...a transition right now," and he said the transition is moving "from the early adopter phase of blockchain technology into the mainstream scaling phase."
Circle said it launched its own blockchain, Arc, designed for payments and financial transactions, and it secured U.S. federal trust bank approval in July.
Circle said clearer regulations, including the U.S. GENIUS Act governing stablecoins, are encouraging wider adoption.
Allaire said, "There's a very, very long time where the banking industry fought successfully to keep other people out, and I think they are no longer in charge, and the innovators are having their day," as banks develop their own digital currencies.
Deals and regulatory catalysts
Circle said its expansion is supported by deals including Tazapay, as USDC circulation climbed 19% year-over-year to $73.3 billion in the second quarter.
Circle said it secured U.S. federal trust bank approval in July, and it pointed to the U.S. GENIUS Act as a regulatory catalyst.
Circle said it became one of the first stablecoin issuers with a federal bank charter in July, and it said the US Genius Act is slated to take effect next January.
Circle said it also launched Arc and that it is competing directly with banks and payment companies for a share of the cross-border money market.
Circle said its plan comes as banks are developing their own digital currencies, and it said Allaire welcomed that shift.