The CEO of the stablecoin issuer Circle, Jeremy Allaire, told Reuters that as demand for the digital dollar grows in Asia, Africa, and Latin America, banks and payment companies are also getting involved.
Circle plans to enter around 50 emerging and developing markets to meet the growing demand for digital dollar payments in Southeast Asia, Latin America, and the Middle East.
USDC currently has a circulating supply of about $73.3 billion, accounting for roughly one-quarter of the stablecoin market, which is behind Tether's USDT, which occupies nearly 60%.
Circle acquired Tazapay for $400 million, launched a new Arc blockchain, and obtained approval from the Federal Trust Bank, all of which are expected to support its expansion; as a clearer regulatory environment promotes the adoption of stablecoins, the importance of these initiatives further increases.
Circle ( CRCL ) is the issuer of USDC, the world's second-largest stablecoin. The company plans to enter around 50 emerging and developing markets, as the demand for the digital dollar is on the rise.
Allaire said in an interview with Reuters on Friday that businesses and individuals in Southeast Asia, Latin America, and the Middle East are increasingly turning to stablecoins for payments and other financial services.
"We are at a turning point... A transformation is taking place now," said Allaire, "and this transformation is essentially bringing blockchain technology from the early adoption stage into the mainstream expansion phase."
As stablecoins – a type of cryptocurrency designed to maintain a fixed 1:1 value to traditional currencies – gradually move beyond crypto transactions and enter everyday payments and international remittances, the expansion of Circle is also advancing. For Circle, entering more markets means competing directly with banks and payment companies for a share of the cross-border funding market.
According to CoinDesk data, the USDC circulation of Circle is approximately 72.6 billion US dollars. It occupies about a quarter of the stablecoin market, while the USDT of Tether accounts for nearly 60%.
Circle has agreed to acquire the Singapore-based payment company Tazapay for $400 million, which will enable it to connect with local banks and payment networks in over 100 markets. This transaction is expected to help Circle enter countries that have long been dominated by Tether's USDT. The company has also launched its own blockchain Arc, designed specifically for payments and financial transactions, and received approval from the Federal Reserve Bank of the United States in July.
Allaire indicates that clearer regulations, including those in the United States, are driving a broader adoption. Banks are also developing their own digital currencies, and he welcomes this development.
"There was a long period of time when the banking industry successfully prevented others from entering, but I believe they no longer have control of the situation. Innovators are now experiencing their moment," he said.
Allaire also mentioned that the use of USDC in artificial intelligence agents is on the rise. These software programs are capable of making small payments autonomously for information and online services.
