Get the scoop on finance - sign up for mobile alerts
Altcoins
| On
August 9, 2023

Circle CEO Jeremy Allaire Says Majority of USDC Adoption Comes From Outside the US

By Daily Hodl Staff

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.”

ADVERTISEMENT

“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).

ADVERTISEMENT

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.

Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
&nbsp
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney