Circle's USDC Payments to Hong Kong Surge on Cross-Border Network

Stablecoin payments into Hong Kong are surging on the cross-border payment network of Circle Internet Group, operator of the world's second largest stablecoin issuer USDC, as the US firm eyes regulatory approval in the Asian crypto hub, its CEO said in an interview. "Hong Kong remains a central trade hub, and cross-border payments and cross-border trade are major drivers in the adoption of stablecoins," said Jeremy Allaire, co-founder and CEO of Circle. He said that payments into Hong Kong were "one of the most popular routes for cross-border settlements", based on data from the Circle Payments Network (CPN), a blockchain-based platform launched last May that primarily facilitates institutional settlement via stablecoins. Driven by this high level of activity, Allaire described Hong Kong as an "important and attractive" market for Circle. "We've been very constructive about the emerging stablecoin regime here," said Allaire, adding that the company hoped to see USDC approved as a foreign stablecoin in the city. Allaire, however, said Circle did not intend to issue a Hong Kong dollar stablecoin. Circle has already laid the groundwork for USDC. In late April, it announced a partnership with Hong Kong-listed OSL Group, a digital asset trading platform, to expand USDC offerings on OSL's platforms. In 2024, the company signed a memorandum of understanding with HKT to explore blockchain-based customer loyalty solutions for merchants in Hong Kong.