Jeremy Allaire, the co-founder and CEO of Circle, shared his thoughts on Twitter regarding the company’s focus on the US and the actual adoption of USDC. He pointed out that despite the initial excitement centered around the US market, approximately 70% of USDC adoption is occurring outside the United States.
The global reception of USDC has been particularly strong in rapidly developing countries and regions like Asia, Latin America, and Africa. These areas have shown significant demand for a digital dollar that offers security and transparency.
Circle is actively collaborating with high-quality banks in strategic global regions to broaden its market presence. This involves facilitating local payment methods and implementing a system for widespread USDC creation and redemption.
Allaire also made predictions about the future of stablecoins. He anticipates substantial advancements in the years 2024 and 2025, especially as the Stablecoin Law is introduced in various countries including Japan, the United Kingdom, the European Union, Hong Kong, the UAE, Singapore, and the United States. This forthcoming regulatory framework will enhance transparency for customers and encourage stablecoin projects that can withstand scrutiny from central banks and regulatory authorities.
Addressing the recent launch of PYUSD, the stablecoin backed by PayPal and Paxos, Allaire expressed his enthusiasm for a significant player in the Internet and payments industry stepping into the stablecoin arena. He believes that this move could signal positive developments in the regulation of stablecoins within the United States.