Circle CEO Jeremy Allaire estimates that 70% of USD Coin (USDC) adoption comes from countries outside the United States.
In a tweet shared today with his 131,300 followers on X (Twitter), Allaire said that the higher non-US adoption rates tend to “Despite all the noise, all our attention is focused on the United States of America”Add:
“We estimate that 70% of USDC adoption occurs outside the United States, with some of the fastest growing regions being emerging and developing markets.”
Besides, it is Underlined He Significant progress is being made in Asia, Latin America (LATAM) and Africa,
Despite the hype in the US, we estimate that 70% of USDC adoption occurs outside the US, with some of the fastest growing regions being emerging and developing markets. Strong progress has been made in Asia, Latin America and Africa. The demand for a secure and transparent digital dollar is strong.
Despite the hype that we are all about the US, we estimate that 70% of USDC adoption is non-US, and some of the fastest growing regions are emerging and developing markets. Strong progress is being made across Asia, LATAM and Africa. There is a demand for a secure, transparent digital dollar…
— Jeremy Allaire (@jeralaire) 7 August 2023
Paolo Ardoino, chief technology officer at rival stablecoin issuer Tether, echoed a similar trend outside the US for his company and stablecoins. it is in february sent What could be USDT “Considered a safe tool for emerging markets and developing countries”,
Cointelegraph has reached out to Circle for more details on expansion outside the US, but has not received a response by the time of publication.
Allaire’s comments come in conjunction with PayPal announces the launch of its stablecoin pegged to the dollar, Paypal USD (PYUSD). Allaire congratulated the company and Paxos:
“It is incredibly exciting to see such a major internet and payments company enter the stablecoin space. That happens when you start getting regulatory clarity.”
His views come against the backdrop of a decline in USDC supply since early 2023 due to low demand and high redemptions. consequently, Stablecoin’s market share has dropped to just 21%With a total spread of $26.1 billion.
Earlier today, Allaire also addressed concerns about USDC liquidity, confirming that redemptions are ahead of issuance: “In the last month, we issued $5 billion USDC and paid $6.6 billion USDC.”
However, Allaire clarified that Circle’s global banking and liquidity network is expanding and the company is working with “Outstanding, high-quality banks in key regions of the world”,
USDC Liquidity. In the last month, we issued $5 billion USDC and paid $6.6 billion USDC.
Banking in USDC is public and transparent, with 24/7/365 mint/burn operations and bank settlement with approximately 90 countries.
USDC reserves are audited monthly by Deloitte, and all of our bond and repo positions (and most of our cash) are reported daily through USDXX (93% of USDC reserves) to SEC-registered and supervised funds Is.
Transparency, liquidity and comprehensive and global banking are important.
We do not charge a fee to mint and burn USDC.
USDC Liquidity. In the last month, we have issued $5B USDC, and redeemed $6.6B USDC.
USDC banking is public and transparent, 24/7/365 with Mint/Burn and wire settlement with nearly 90 countries.
USDC reserves are certified monthly by Deloitte, and all of our T-Bill…
— Jeremy Allaire (@jeralaire) 7 August 2023
In a disclosure report issued on August 3, the company said that its Circle Reserve Fund holds 93% of its portfolio in short-term US Treasuries, overnight US Treasury repurchase agreements and cash. According to the circle, the remaining 7% have cash reserves in banks.
In early June, Circle announced that it had received a Major Payments Institution license from the Monetary Authority of Singapore.
Translation by Walter Rizzo