Circle: USDC targets around 40 new emerging markets

The greenback is making its tour of the tropics. The digital dollar is now available where bank counters are rare. On Friday, Jeremy Allaire, CEO and co-founder of Circle, announced to Reuters a USDC offensive towards around 40 emerging and developing markets. Demand for digital dollars is growing in Southeast Asia, Latin America and the Middle East, while Europe files its stablecoins under MiCA. The time is no longer for experiments, summarizes the main person concerned, but for mass deployment.

The key points of this article:

Circle is targeting around 40 new markets, from Southeast Asia to Latin America to Africa.

Now its CEO is talking about an inflection point, the shift from early adopters to mass deployment.

USDC has around $73 billion in circulation, or almost a quarter of the market, behind Tether and its 60%.

As a reminder, the acquisition of Tazapay, the Arc blockchain and the federal approval in July serve as levers for the offensive.

Around forty markets and a boss convinced of the inflection point

The announcement came on the sidelines of the IMF and World Bank meetings in Bangkok. According to the Circle boss, businesses and individuals in these regions are increasingly turning to stablecoins to pay and move funds. As a reminder, a stablecoin is a cryptocurrency designed to keep a fixed value of 1:1 with a traditional currency, here the dollar.

“We are going through something of an inflection point, a transition. It essentially moves blockchain from the early adopter phase to the mainstream scale.”

In fact, the issue goes beyond trading. Stablecoins are gaining popularity in everyday payments and international transfers. As a result, Circle comes up against banks and payment companies on their own territory, that of cross-border money.

USDC in circulation is close to $73 billion, after an increase of 19% year-on-year, according to the company. In the stablecoin market, the issuer of the world's second-largest stablecoin accounts for almost a quarter, according to CoinDesk data. Tether and its USDT hold almost 60% of it.

Tazapay, Arc, federal approval: the arsenal of conquest

The offensive relies on pieces already in place. Who says new markets also says historic territory of Tether. In September, Circle acquired Singaporean payments company Tazapay for $400 million, a significant buyout that opens access to local banking and payment networks in more than 100 markets.

For its part, the company launched Arc, a blockchain designed for payments. In July, it also obtained federal trust bank approval in the USA.

Allaire further credits regulatory clarity, starting with the US GENIUS Act dedicated to stablecoins, with encouraging adoption. Banks, which develop their own digital currencies, receive his encouragement. For many years, the bank kept newcomers away. Now she's no longer in charge, Circle co-founder relishes, and the innovators are living their day.

Allaire also points to an emerging use, that of artificial intelligence agents, software capable of making small payments on its own for information and online services.