Circle CEO: 70% of USDC adoption comes from outside the US
Circle CEO Jeremy Allaire estimates as much as 70% of USD Coin (USDC) adoption comes from countries outside of the United States.
On Aug. 8 tweet to his 131,300 followers on X (Twitter), Allaire said the high rate of non-U.S. adoption was “despite the hype that we're all about the US,” adding:
He added that strong progress was happening across Asia, Latin America (LATAM), and Africa.
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, LATAM and Africa. Demand for safe, transparent digital dollars is…
Paolo Ardoino, CTO of rival stablecoin issuer Tether, echoed a similar non-U.S. focus for his firm and stablecoin. In February, he said that USDT can be “considered a safe tool for emerging markets and developing countries.”
Cointelegraph reached out to Circle for further details on non-U.S. expansion but had not received a response at the time of publication.
Allaire's comments came amid an announcement from PayPal tha it is launching its own USD-pegged stablecoin, PayPal USD (PYUSD), where he congratulated the firm and Paxos, adding:
His comments also come amid a decline in USDC supply since the beginning of 2023, due to dwindling demand and an increase in redemptions. As a result, its stablecoin market share has shrunk to just 21% with a total circulation of $26.1 billion.
Related: Circle to launch ‘official version’ of USDC natively on Arbitrum
On Aug. 8, Allaire also commented on concerns over USDC liquidity, confirming that redemptions were outpacing issuance stating, “Over the past month, we've issued $5B USDC, and have redeemed $6.6B USDC.”
Allaire added that
Read more on cointelegraph.com
