Circle CEO: 70% USDC Adoption Outside US, PYUSD Is Regulatory Good Signal

Key Points:

  • Circle CEO Jeremy Allaire said 70% of USDC is applied outside of the US, particularly in Asia, Latin America, and Africa.
  • To expand the USDC market, the company is partnering with banks of superior quality in key global regions.
  • Jeremy Allaire also said the launch of PYUSD by payment giant Paypal is a good sign for stablecoin regulations in the US.
According to Circle CEO, 70% of Circle’s USDC adoption is being done outside the US and is particularly popular in Asia, Latin America, and Africa.

According to Jeremy Allaire, co-founder, and CEO of Circle, said on Twitter that despite the hype that the company’s target is the US, it is estimated that 70% of USDC adoption takes place outside of the US.

USDC is well received by the fastest-growing countries and regions, especially Asia, Latin America, and Africa. The demand for a secure, transparent digital dollar is enormous here.

Circle is partnering with premium quality banks in key global regions to expand the market to bring local payment methods and globally distributed mint/burning to USDC.

Talking about PYUSD, the US dollar stablecoin launched yesterday by PayPal and Paxos, Allaire said it is exciting to see such an important Internet and payments company enter the stablecoin space, which could be a welcome sign in the regulation of stablecoins in the US.

“This is what happens when we start to get clarity, and with the Payment Stablecoin Act, this can open up a free and competitive market for dollar stablecoin issuesrs with strong supervision, allow the US to compete with digital dollars that are uniformly safe, transparent, liquid and supervised to Fed-standards.”

Allaire also said he predicts that stablecoins will make significant strides in 2024 and 2025 as the Stablecoin Law is coming to Japan, the United Kingdom, the EU, Hong Kong, the UAE, Singapore, and the United States. Customers will know with whom they are dealing, and companies that can survive the scrutiny of central banks and prudent regulators will thrive.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Victor

Recent Posts

Qubetics, Cosmos, and Chainlink: Why These Cryptos Are Your Best Bet for November 2024

Discover why Qubetics, Cosmos, and Chainlink are the best cryptos to buy in November 2024.…

3 hours ago

Best Cryptos to Buy in December 2024: Qubetics Presale Goes Ballistic as Ethereum and Quant Look to Build Momentum

Best Cryptos to Buy in December 2024: Qubetics ($TICS) presale explodes, Ethereum (ETH) eyes a…

6 hours ago

USDC and CCTP to launch on Aptos, with Stripe adding Aptos support in crypto products

Palo Alto, California, 21st November 2024, Chainwire

8 hours ago

Best Cryptos to Buy: Qubetics Set to Rise, Bitcoin Knocks at $100k Milestone, Avalanche to Release 1.67M Tokens

Best Cryptos to Buy: Qubetics presale rockets ahead, Bitcoin nears $100k, and Avalanche prepares to…

8 hours ago

Ike Goes Live on Mainnet: Unlocking Liquid Staking on Aleph Zero

London, United Kingdom, 21st November 2024, Chainwire

9 hours ago

Native USDC on Aptos Coming Soon to Boost DeFi and P2P Transactions

The move will see developers utilize USDC on Aptos in creating dApps on a wide…

9 hours ago

This website uses cookies.