In a recent study conducted by Jeremy Allaire, the CEO of Circle, it was revealed that the usage and acceptance of USD Coin (USDC) are predominantly originating from nations beyond the borders of the United States.
Based on the announcement made on August 8th, Jeremy Allaire shared a noteworthy revelation that approximately 70% of USDC adoption is occurring outside the United States.
Surprisingly, some of the most rapid growth in adoption is occurring in emerging and developing markets, contrary to the initial expectations focused solely on the US.
Allaire highlighted that the swift uptake of USDC, when compared to the US, is primarily concentrated in regions such as Asia, Latin America (LATAM), and Africa, which show a strong demand for a secure and transparent digital dollar solution.
In connection with the relevant statement, back in February, Paolo Ardoino, the Chief Technical Officer of Tether, quoted a similar emphasis on a non-U.S. focus for their company and stablecoin.
Amidst the announcement by PayPal regarding the launch of their own USD-pegged stablecoin, PayPal USD (PYUSD), Jeremy Allaire shared his thoughts.
Allaire expressed admiration for PayPal and conveyed his excitement after witnessing “such a significant internet and payments company entering the stablecoin space.”
On the same day, Allaire expressed concerns about the liquidity of USD Coin (USDC), confirming that redemptions were surpassing issuance. He stated, “Over the past month, we’ve issued $5 billion USDC, and have redeemed $6.6 billion USDC.”
Furthermore, he shed light on the firm’s expanding global banking and liquidity network, mentioning their collaboration with “exceptional and high-quality banks in major regions around the world.”
The aim is to establish local settlement rails and enable the globally distributed minting and burning of USDC.
Also Read: Regulate Stablecoins or Risk Dollar’s Dominance: Circle CEO
