From Decrypt · By Guillermo Jimenez
In brief
Circle plans to expand into roughly 40 emerging and developing countries, CEO Jeremy Allaire told Reuters, saying blockchain is entering its “mainstream scaling phase.”
USDC holds about 25% of the stablecoin market versus roughly 60% for Tether’s USDT, and its circulation rose 19% year over year to $73.3 billion in the second quarter.
Allaire called the GENIUS Act, set to take effect in January, “a watershed moment,” but warned that AI is heightening security risks.
Circle wants USDC in a lot more wallets around the world.
The stablecoin issuer is preparing to enter roughly 40 emerging and developing countries, CEO Jeremy Allaire told Reuters on the sidelines of the IMF and World Bank meetings in Bangkok.
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Allaire pointed to rising organic demand for stablecoins across Southeast Asia, Latin America, Africa, and the Middle East from people and businesses looking to tap into an internet-based economy.
The technology, he said, is moving “from the early adopter phase of blockchain technology into the mainstream scaling phase.”
Stablecoins are cryptocurrencies pegged to a traditional asset, usually the U.S. dollar. Circle’s USDC holds about 25% of the stablecoin market, compared with roughly 60% for Tether’s USDT. USDC’s circulation rose 19% year over year to $73.3 billion in the second quarter.
Circle has resources for the push, including its $400 million acquisition of payments firm Tazapay and a $100 million strategic investment from Binance, Reuters reported.
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Banks are building their own stablecoins, which Allaire framed as healthy competition. After a long stretch in which incumbents kept outsiders out, he said, “they are no longer in charge, and the innovators are having their day.”
Allaire also credited AI agents making tiny machine-to-machine payments with boosting USDC usage. Circle’s Arc network has been adopted by BlackRock, Visa and Standard Chartered, according to Reuters. Circle has been pushing to make USDC the currency of AI agents.