Circle , the company behind the world's second-largest stablecoin, USDC, plans to expand into about 50 emerging and developing markets as demand for digital dollars increases.
CEO Jeremy Allaire told Reuters in an interview Friday that businesses and individuals across Southeast Asia, Latin America and the Middle East are increasingly turning to stablecoins for payments and other financial services.
"We're kind of going through an inflection point...a transition right now," Allaire said. "That transition is essentially moving from the early adopter phase of blockchain technology into the mainstream scaling phase."
The expansion comes as stablecoins, cryptocurrencies designed to maintain a fixed 1:1 value against traditional currencies, move beyond crypto trading into everyday payments and international money transfers. For Circle, entering more markets means competing directly with banks and payment companies for a share of the cross-border money market.
Circle’s USDC has about $72.6 billion in circulation, according to CoinDesk data. It controls roughly a quarter of the stablecoin market, compared with nearly 60% for Tether's USDT.
Circle has already agreed to buy Singapore-based payments firm Tazapay for $400 million, giving it access to local banking and payment networks across more than 100 markets. The deal could help Circle expand in countries where Tether's USDT has traditionally dominated. The company also launched its own blockchain, Arc, designed for payments and financial transactions, and secured U.S. federal trust bank approval in July.
S. GENIUS Act governing stablecoins, are encouraging wider adoption. Banks are also developing their own digital currencies, something he welcomed.
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