Stablecoin issuer Circle to push into 40 new markets, CEO says
CRCL•Circle plans to enter about 40 emerging and developing countries, CEO Jeremy Allaire said, citing growing demand for stablecoins. Its USDC circulation rose 19% year over year to $73.3 billion in the second quarter.
1. Expansion plans
Circle is accelerating its global expansion and plans to enter about 40 emerging and developing countries, CEO and chairman Jeremy Allaire said. He said demand for stablecoins and digital services is rising in Southeast Asia, Latin America, Africa and the Middle East.
2. USDC growth and competition
Circle holds roughly 25% of the global stablecoin market, while Tether’s USDT has nearly 60%. Circle’s USDC circulation rose 19% year over year to $73.3 billion in the second quarter. The company’s expansion is backed by its $400 million acquisition of Tazapay and a $100 million strategic investment from Binance.
