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Circle Targets 40 New Markets to Capture Surging Stablecoin Demand

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Circle Targets 40 New Markets to Capture Surging Stablecoin Demand

Stablecoin issuer Circle plans to enter 40 new markets around the world, Circle CEO and Chairman Jeremy Allaire told Reuters in a report posted Friday (Oct. 16).

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Circle has seen growing demand for stablecoins from individuals and businesses in Southeast Asia, Latin America and the Middle East, Allaire said in the report.

“We’re kind of going through an inflection point … a transition right now, and that transition is essentially moving from the early adopter phase of blockchain technology into the mainstream scaling phase,” Allaire said in the report.

Circle’s USDC stablecoin network operates across 35 blockchain networks, more than 55 registrations and licenses and 185 countries. It also has over 15 partner banks, more than 150 distribution partnerships and over 2,750 direct relationships, Circle said in an earnings presentation released in August.

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Circle announced in September that it plans to acquire Singapore-based B2B cross-border payments infrastructure company Tazapay. The deal is expected to close next year.

Circle said the deal is designed to use Tazapay’s banking relationships, local payout rails and institutional customer base to accelerate adoption of Circle’s USDC stablecoin. Tazapay has over 60 banking and FinTech partners, and local payout rails covering more than 100 markets.

“Tazapay brings deep payment infrastructure across APAC and emerging markets, where we see increasing demand for USDC-denominated transactions,” Irfan Ganchi , senior vice president of payments at Circle, said in a Sept.


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