Circle CEO Reveals Majority of USDC Adoption is Outside the United States

In a surprising revelation, Circle CEO Jeremy Allaire has disclosed that a significant 70% of US Dollar Coin (USDC) adoption originates outside the United States. The demand for transparent and secure digital dollars has shown remarkable growth in emerging and developing markets.

Circle CEO Reveals Majority of USDC Adoption is Outside the United States

The Global Appeal of USDC Allaire recently tweeted his insights into the global traction of USDC, emphasizing strong progress across regions like Asia, LatAm, and Africa. Despite being rooted in the US, the adoption of USDC is most vigorous outside the nation, reflecting a burgeoning international interest in stablecoins.

Lobbying in Washington Interestingly, the lack of domestic traction hasn’t deterred Allaire from actively lobbying U.S. lawmakers. He has been urging Congress to protect stablecoins and foster trust in digital dollars, even though USDC’s presence in the country is comparatively smaller.

The Battle of Stablecoins

USDC, issued by Circle, is the second-largest stablecoin by market capitalization, lagging behind Tether (USDT). The competition for the top spot has become even more intense with PayPal‘s recent launch of its stablecoin, PYUSD.

USDC’s Market Cap in Freefall Over the past year, USDC has seen a sharp drop in market capitalization, falling by more than 50%, from $54 billion to just over $26 billion. Despite this decline, the company has maintained that USDC is fully backed by cash and U.S. treasuries, as evidenced by an asset breakdown report released last month.

Conclusion

The shift in USDC adoption towards non-U.S. markets underscores the global desire for reliable digital currency options. As traditional financial players like PayPal step into the stablecoin arena, the dynamics of the market continue to evolve. Allaire’s active engagement with U.S. policymakers may be indicative of a broader strategy to shape the future regulatory landscape.