USDC Sees Global Surge: Circle CEO Highlights Majority Adoption Beyond US Borders
Jeremy Allaire, CEO of Circle, emphasizes that the widespread adoption of Circle’s USD Coin (USDC), a dollar-pegged stablecoin, is predominantly being driven by international markets.
He notes a significant global demand for secure and transparent digital dollars. Revealing that about 70% of USDC’s adoption occurs outside the United States. Notably, emerging markets in Asia, Latin America, and Africa are experiencing rapid growth. With a market capitalization of approximately $26.2 billion. USDC ranks as the sixth-largest digital asset and the second-largest stablecoin, trailing behind Tether (USDT) with a market cap of $83.5 billion. Allaire also commends PayPal and Paxos Trust Company for launching PayPalUSD (PYUSD), another stablecoin aiming for a 1:1 peg with the US dollar.
Furthermore, he voices his endorsement for the “Clarity for Payment Stablecoins Act of 2023,” a US legislative proposal seeking to establish a clear regulatory framework for stablecoin issuance. The bill, introduced by Rep. Patrick McHenry (R-NC), has gained traction with approval from the House Financial Services Committee and is now under consideration by the full House.
Clever Robot News Desk 11th August 2023
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