Circle CEO Jeremy Allaire says that non-US markets are driving the adoption of Circle’s dollar-pegged stablecoin USD Coin (USDC).
Allaire says there’s a large international demand for “safe, transparent digital dollars.”
“Despite the hype that we’re all about the US, we estimate that 70% of USDC adoption is non-US, and some of the fastest growing areas are emerging and developing markets. Strong progress happening across Asia, Latin America and Africa.”
With a market cap of roughly $26.2 billion, USDC is the sixth-largest digital asset overall and the second-largest stablecoin behind Tether (USDT). Tether has a market cap of $83.5 billion at time of writing.
Allaire also congratulated PayPal and Paxos Trust Company on their recent launch of PayPalUSD (PYUSD), another stablecoin that aims to maintain a 1:1 peg with the dollar.
Additionally, the Circle CEO expresses support for the “Clarity for Payment Stablecoins Act of 2023,” a piece of US legislation introduced in the House of Representatives last month by Rep. Patrick McHenry (R-NC).
The bill aims to provide a clear regulatory framework for stablecoin issuance. Says McHenry,
“Clear regulations and robust consumer protections are essential to enabling stablecoins to achieve their full potential. That’s why it’s more important than ever that Congress enact legislation to provide comprehensive digital asset regulation, especially for stablecoins. The bipartisan Clarity for Payment Stablecoins Act recognizes the strong role that states have played in regulating digital asset firms and builds on successful state regimes, like New York’s.”
The House Financial Services Committee approved the bill in late July and sent it on to the full House for consideration.
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