Circle targets 40 new markets as stablecoin demand grows globally
- Circle plans to expand into about 50 emerging and developing markets as demand for digital-dollar payments grows across Southeast Asia, Latin America and the Middle East.
- USDC has about $73.3 billion in circulation and roughly a quarter of the stablecoin market, trailing Tether’s USDT, which holds nearly 60 percent.
- Circle’s $400 million acquisition of Tazapay, new Arc blockchain and federal trust bank approval are expected to support its expansion as clearer regulations encourage stablecoin adoption.
Circle CRCL, the company behind the world's second-largest stablecoin, USDC, plans to expand into about 50 emerging and developing markets as demand for digital dollars increases.
CEO Jeremy Allaire told Reuters in an interview Friday that businesses and individuals across Southeast Asia, Latin America and the Middle East are increasingly turning to stablecoins for payments and other financial services.
"We're kind of going through an inflection point...a transition right now," Allaire said. "That transition is essentially moving from the early adopter phase of blockchain technology into the mainstream scaling phase."
The expansion comes as stablecoins, cryptocurrencies designed to maintain a fixed 1:1 value against traditional currencies, move beyond crypto trading into everyday payments and international money transfers. For Circle, entering more markets means competing directly with banks and payment companies for a share of the cross-border money market.
Circle’s USDC has about $72.6 billion in circulation, according to CoinDesk data. It controls roughly a quarter of the stablecoin market, compared with nearly 60% for Tether's USDT.