United

PayPal USD

Strong

Read

<p class="is-style-lead">Circle’s CEO, Jeremy Allaire, unveiled that approximately 70% of USDC adoption occurs outside the United States.&nbsp;</p> 
<p>Despite the perception that USDC primarily caters to the US market, emerging economies and developing regions emerge as strongholds for this <a href="https://crypto.news/learn/how-to-earn-interest-on-stablecoins/" rel="noopener noreferrer nofollow">stablecoin</a>.</p> 
<p>Allaire stated that an estimated 70% of USDC adoption is non-US, and some of the fastest-growing areas are emerging and developing markets.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
   <p lang="en" dir="ltr">Despite the hype that we're all about the US, we estimate that 70% of USDC adoption is non-US, and some of the fastest growing areas are emerging and developing markets. Strong progress happening across Asia, LATAM and Africa. Demand for safe, transparent digital dollars is…</p>— Jeremy Allaire (@jerallaire) <a href="https://twitter.com/jerallaire/status/1688672056898928640?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">August 7, 2023</a> 
  </blockquote> 
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div> 
</figure> 
<p>He underscored the vigorous progress made across Asia, Latin America, and Africa.</p> 
<p>This statement aligns with Paolo Ardoino, the CTO of Tether. Ardoino had earlier emphasized that Tether’s USDT can be a safe instrument for emerging markets and developing countries.&nbsp;</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
   <p lang="en" dir="ltr">5/ This focused approach allows Tether to be considered a safe tool for emerging markets and developing countries, a life-life for many communities that are suffering from heavy devaluation of their national currencies.</p>— Paolo Ardoino 🍐 (@paoloardoino) <a href="https://twitter.com/paoloardoino/status/1623644473652551680?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">February 9, 2023</a> 
  </blockquote> 
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div> 
</figure> 
<h2 class="wp-block-heading" id="allaire-praises-paypal-s-stablecoin-plans">Allaire praises Paypal’s stablecoin plans</h2> 
<p>Allaire’s remarks coincided with the <a href="https://crypto.news/paypal-ventures-into-stablecoins-with-launch-of-pyusd/" rel="noopener noreferrer nofollow">news</a> of PayPal’s venture into the stablecoin landscape, introducing its USD-pegged stablecoin, PayPal USD (PYUSD).&nbsp;</p> 
<p> You might also like: <a href="https://crypto.news/paypals-stablecoin-has-wallet-freezing-and-wiping-functions/" rel="noopener noreferrer nofollow"> PayPal’s stablecoin has wallet freezing and wiping functions </a> </p> 
<p>Allaire praised this move, highlighting the significance of major internet and payments corporations entering the stablecoin arena. The moguls joining the stablecoin field means that regulatory clarity will soon follow, Circle CEO thinks.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
   <p lang="en" dir="ltr">I'd also like to congratulate <a href="https://twitter.com/PayPal?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@PayPal</a> and <a href="https://twitter.com/Paxos?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@Paxos</a> for the launch of <a href="https://twitter.com/search?q=%24PYUSD&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$PYUSD</a>. It's incredibly exciting to see such a significant internet and payments company entering the stablecoin space.<br><br>This is what happens when we start to get regulatory clarity, and with the Payment…</p>— Jeremy Allaire (@jerallaire) <a href="https://twitter.com/jerallaire/status/1688673473160216577?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">August 7, 2023</a> 
  </blockquote> 
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div> 
</figure> 
<h2 class="wp-block-heading" id="circle-s-liquidity-concerns">Circle’s liquidity concerns</h2> 
<p>Addressing the ongoing dynamics of USDC’s market share, Circle has been working to maintain its position in the <a href="https://crypto.news/learn/what-are-stablecoins-and-how-do-they-work/" rel="noopener noreferrer nofollow">stablecoin</a> market. Currently, the supply of USDC has experienced a decline due to a dip in demand and increased redemptions, causing liquidity concerns.&nbsp;</p> 
<p>In response to that, Allaire affirmed that the redemptions had exceeded issuance. According to him, the company issued $5 billion USDC over the last month and had redeemed $6.6B USDC.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
   <p lang="en" dir="ltr">I'm also pleased to share that our global banking and liquidity network is expanding. We're working with exceptional and high-quality banks in major regions around the world, to bring local settlement rails and globally distributed mint/burn to USDC.<br><br>Doing things by the book,…</p>— Jeremy Allaire (@jerallaire) <a href="https://twitter.com/jerallaire/status/1688671381603393536?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">August 7, 2023</a> 
  </blockquote> 
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div> 
</figure> 
<p>Allaire also noted that the company’s network of banking partnerships is growing, ensuring a wide-ranging global presence for USDC.&nbsp;</p> 
<p>Moreover, the Monetary Authority of Singapore granted Circle a Major Payment Institution (MPI) license in June, adding to the company’s international outreach.</p> 
<p> Read more: <a href="https://crypto.news/circle-receives-digital-token-license-in-singapore/" rel="noopener noreferrer nofollow"> Circle receives digital token license in Singapore </a> </p>

Circle CEO reveals massive USDC adoption outside US

Table of Contents

crypto.news

Other articles published on Aug 8, 2023

Imposter Tokens Using PYUSD Pop up on Several Blockchains

Top 5 Crypto News That Digital Asset Users Should Know About

Listing News From Kraken Puts These Two Altcoins On The Rise!

Enjin Coin Price Prediction: ENJ Price Drops 3.63% In Past 7 Days

SK Prosecutors Weigh Ripple Effect in Terra-Luna Case!

USDC Achieves Strong Liquidity Milestones Amid Stablecoin Frenzy

Join our free newsletter for daily crypto updates!