<a href="https://bitcoinworld.co.in/circle-ceo-reveals-70-of-usd-coin-adoption-comes-from-non-u-s-markets/" title="Circle CEO Reveals 70% of USD Coin Adoption Comes from Non-U.S. Markets." rel="noopener noreferrer nofollow"></a> 
Jeremy Allaire, the CEO of Circle, has revealed a surprising statistic that sheds light on the growing international reach of the USD Coin (USDC). Despite its initial association with the United States, up to 70% of UDC’s adoption is now originating from countries outside of the U.S. This shift signifies the stablecoin’s remarkable success in emerging and developing markets across the globe. 
Allaire took to Twitter to share this insight with his substantial following of 131,300, highlighting the strong traction of USDC in regions such as Asia, Latin America (LATAM), and Africa. The widespread adoption in these regions underscores the role of stablecoins in providing a secure and reliable digital payment solution, particularly in economies with varying degrees of financial infrastructure. 
This trend of focusing on non-U.S. markets isn’t exclusive to USDC alone. Paolo Ardoino, the Chief Technology Officer of Tether, a significant competitor in the stablecoin market, echoed a similar sentiment. He emphasized that Tether’s stablecoin, USDT, is a dependable tool for emerging markets and developing nations, fostering financial inclusion and stability. 
Despite this international success, concerns have arisen over the supply of USDC. Since the beginning of 2023, a decrease in demand and increased redemptions have led to a decline in USDC supply. As a result, the stablecoin’s market share has contracted to 21%, with a total circulation of $26.1 billion. 
Acknowledging the liquidity challenges, Allaire confirmed that redemptions were outpacing issuance. In the past month, Circle issued $5 billion worth of USDC while redeeming $6.6 billion. To address this, Circle is proactively expanding its global banking and liquidity network, collaborating with reputable banks across significant regions worldwide. 
Transparency remains a core tenet of Circle’s approach. In an August 3rd transparency report, Circle disclosed that 93% of its Circle Reserve Fund portfolio is invested in short-dated U.S. Treasuries, overnight U.S. Treasury repurchase agreements, and cash. The remaining 7% comprises bank cash reserves, exemplifying a responsible and balanced approach to asset management. 
Circle’s strategic moves towards global expansion are becoming increasingly evident. In June, the company secured a Major Payment Institution license from the Monetary Authority of Singapore, marking a significant milestone in expanding its global reach. 
Allaire’s observations come in conjunction with PayPal’s announcement of its USD-pegged stablecoin, PayPal USD (PYUSD). Despite the increasing competition, Allaire extended his congratulations to both PayPal and Paxos, emphasizing the positive impact of these developments on the regulatory landscape and the stablecoin ecosystem as a whole. 
As USDC’s international adoption continues to soar and Circle remains steadfast in its pursuit of global growth, the landscape of stablecoins is undergoing a dynamic transformation, with non-U.S. markets at the forefront of this evolution. 
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The post <a rel="noopener noreferrer nofollow" href="https://bitcoinworld.co.in/circle-ceo-reveals-70-of-usd-coin-adoption-comes-from-non-u-s-markets/">Circle CEO Reveals 70% of USD Coin Adoption Comes from Non-U.S. Markets.</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://bitcoinworld.co.in">BitcoinWorld</a>.

Circle CEO Reveals 70% of USD Coin Adoption Comes from Non-U.S. Markets.

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