Circle, the issuer of the USDC stablecoin, is planning to expand into approximately 40 developing markets. Jeremy Allaire, CEO and chairman of Circle, shared this news during the IMF and World Bank meetings in Bangkok. He noted that the company is transitioning from the early adopter phase of blockchain technology to a mainstream scaling phase.
Allaire highlighted growing demand for stablecoins in regions like Southeast Asia, Latin America, Africa, and the Middle East. Businesses and individuals in these areas are increasingly looking to participate in the internet-based economic system. Analysts at Bernstein have also expressed optimism about Circle's growth prospects, predicting a new cycle for USDC over the next 12 months.
Bernstein's analysts pointed to several factors driving stablecoin growth, including renewed momentum in crypto markets, clearer US regulations, tokenized capital markets, and the adoption of stablecoins for payments. They also noted early signs of stablecoins being used in payments made by AI agents. Despite being the second-largest dollar-backed stablecoin by market capitalization, USDC has seen a significant rise in transaction activity, overtaking USDt in adjusted stablecoin transaction volume.
Circle recently announced its agreement to acquire Singapore-based cross-border payments platform Tazapay for $400 million in an all-stock deal expected to close in 2027.