The “scaling” of stablecoins is finally moving beyond trading venues in Europe and the US.
BlockBeats reports that Circle CEO Jeremy Allaire said demand for stablecoins is growing significantly in Southeast Asia, Latin America, and the Middle East. The company plans to expand into around 50 emerging and developing markets, and says the industry is moving from the early-adopter phase into mainstream adoption at scale. USDC’s current circulating supply is about $72.6 billion, accounting for roughly a quarter of the stablecoin market, while USDT’s share is close to 60%. Circle has agreed to acquire Singapore-based payments company Tazapay for $400 million, giving it access to local banking and payment networks in more than 100 markets.
Scenario to watch 1: If USDC supply rises in tandem with cross-border settlement volumes, it would indicate that expanded channels are translating into real-world usage. Scenario to watch 2: If progress on local compliance and banking channels is slow, the number of target markets may grow before the data reflects that expansion. Which would you rather watch: changes in USDC’s market share or Tazapay’s integration progress?
Source: BlockBeats
#CRCL #USDC
Image 1: Circle plans to expand into 50 emerging markets as stablecoins enter the scaling phase · Cropped screenshot from the source page
Image source: https://www.theblockbeats.info/flash/372253
BlockBeats reports that Circle CEO Jeremy Allaire said demand for stablecoins is growing significantly in Southeast Asia, Latin America, and the Middle East. The company plans to expand into around 50 emerging and developing markets, and says the industry is moving from the early-adopter phase into mainstream adoption at scale. USDC’s current circulating supply is about $72.6 billion, accounting for roughly a quarter of the stablecoin market, while USDT’s share is close to 60%. Circle has agreed to acquire Singapore-based payments company Tazapay for $400 million, giving it access to local banking and payment networks in more than 100 markets.
Scenario to watch 1: If USDC supply rises in tandem with cross-border settlement volumes, it would indicate that expanded channels are translating into real-world usage. Scenario to watch 2: If progress on local compliance and banking channels is slow, the number of target markets may grow before the data reflects that expansion. Which would you rather watch: changes in USDC’s market share or Tazapay’s integration progress?
Source: BlockBeats
#CRCL #USDC
Image 1: Circle plans to expand into 50 emerging markets as stablecoins enter the scaling phase · Cropped screenshot from the source page
Image source: https://www.theblockbeats.info/flash/372253