Key Points:

• According to the USDC Economy 2024 Report, Circle sees a spike in remittances via its USDC stablecoin, channeling $130 billion into Asia in 2022.
• Circle partners with Coins.ph in the Philippines to tap into the $36 billion annual remittance market.
• Positioned to address the $510 billion trade finance gap in Asia, USDC’s growth continues.

In the USDC Economy 2024 Report, leading crypto issuer Circle revealed a significant surge in remittances flowing through Asia via its USDC stablecoin.

The USDC Economy 2024 Report showcases the expanding utility of cryptocurrency beyond speculative trading.

According to Circle, a staggering $130 billion worth of USDC made its way into Asia in 2022, making the Asia-Pacific region the recipient of 29% of the global digital currency value, surpassing North America’s 19% and Western Europe’s 22%.

Crucially, these substantial volumes include remittance transfers, particularly vital for emerging markets like the Philippines, which has a significant diaspora. Circle emphasized its collaboration with Coins.ph, an exchange based in the Philippines, aiming to tap into this market valued at around $36 billion annually.

The necessity for trade financing, such as letters of credit, trade loans, guarantees, and insurance, is crucial for many small and medium-sized enterprises (SMEs) in the region. The Asian Development Bank estimates a trade finance gap of approximately $510 billion in Asia.

USDC, a stablecoin pegged to the U.S. dollar, emerges as a solution, facilitating easier access to dollars over the internet and potentially bridging this financial gap.

USDC has experienced exponential growth since its 2018 introduction, settling about $12 trillion in blockchain transactions. The cryptocurrency’s widespread adoption is prompting developers to create new applications, reinforcing the ecosystem around USDC, and simplifying its acquisition, transfer, and storage.

Circle

USDC

USDC Economy 2024 Report

Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

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News

USDC Economy 2024 Report Shows Positive Growth Of USDC

Key Points:

• According to the USDC Economy 2024 Report, Circle sees a spike in remittances via its USDC stablecoin, channeling $130 billion into Asia in 2022.
• Circle partners with Coins.ph in the Philippines to tap into the $36 billion annual remittance market.
• Positioned to address the $510 billion trade finance gap in Asia, USDC’s growth continues.

In the USDC Economy 2024 Report, leading crypto issuer Circle revealed a significant surge in remittances flowing through Asia via its USDC stablecoin.

The USDC Economy 2024 Report showcases the expanding utility of cryptocurrency beyond speculative trading.

According to Circle, a staggering $130 billion worth of USDC made its way into Asia in 2022, making the Asia-Pacific region the recipient of 29% of the global digital currency value, surpassing North America’s 19% and Western Europe’s 22%.

Crucially, these substantial volumes include remittance transfers, particularly vital for emerging markets like the Philippines, which has a significant diaspora. Circle emphasized its collaboration with Coins.ph, an exchange based in the Philippines, aiming to tap into this market valued at around $36 billion annually.

The necessity for trade financing, such as letters of credit, trade loans, guarantees, and insurance, is crucial for many small and medium-sized enterprises (SMEs) in the region. The Asian Development Bank estimates a trade finance gap of approximately $510 billion in Asia.

USDC, a stablecoin pegged to the U.S. dollar, emerges as a solution, facilitating easier access to dollars over the internet and potentially bridging this financial gap.

USDC has experienced exponential growth since its 2018 introduction, settling about $12 trillion in blockchain transactions. The cryptocurrency’s widespread adoption is prompting developers to create new applications, reinforcing the ecosystem around USDC, and simplifying its acquisition, transfer, and storage.

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.

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