According to Circle CEO, Jeremy Allaire, the adoption of USD Coin (USDC), Circle’s stablecoin pegged to the US dollar, is being driven by non-US markets.

Allaire has noted a significant international demand for “safe and transparent digital dollars.”

US is not the main market for USDC

Despite assumptions that the US is the main market for USDC, Allaire estimates that 70% of its adoption is in non-US markets, particularly in emerging and developing markets across Asia, Latin America, and Africa.

USDC, with a market cap of around $26.2 billion, is the sixth-largest digital asset overall and the second-largest stablecoin after Tether (USDT), which currently has a market cap of $83.5 billion.

Congratulations to PayPal and Paxos Trust Company on their recent launch of PayPalUSD (PYUSD), a stablecoin that aims to maintain a 1:1 peg with the dollar.

The CEO of Circle, Jeremy Allaire, also expressed support for the “Clarity for Payment Stablecoins Act of 2023,” a piece of legislation recently introduced in the US House of Representatives by Representative Patrick McHenry (R-NC).

The bill’s goal is to provide a clear regulatory framework for stablecoin issuance. McHenry believes that “clear regulations and robust consumer protections are essential to enabling stablecoins to achieve their full potential.”

He notes that the bipartisan Clarity for Payment Stablecoins Act acknowledges the crucial role that states have played in regulating digital asset firms and builds on successful state regimes, such as New York’s.

Circle USDC warning is revealed

Recently, Coin Bureau issued a warning about Circle’s USDC that everyone should be aware of. According to reports, the host of the popular crypto channel predicts that a stablecoin pegged to the US dollar will soon dominate the market.

Coin Bureau host Guy Turner specifically mentioned that USDC, currently the second-largest stablecoin by market cap, is likely to surpass Tether’s USDT as the leading stablecoin in the world.