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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 big worldwide demand for “secure, clear digital {dollars}.”
“Regardless of the hype that we’re all concerning the US, we estimate that 70% of USDC adoption is non-US, and a few of the quickest rising areas are rising and creating markets. Robust progress occurring throughout Asia, Latin America and Africa.”
With a market cap of roughly $26.2 billion, USDC is the sixth-largest digital asset total and the second-largest stablecoin behind Tether (USDT). Tether has a market cap of $83.5 billion at time of writing.
Allaire additionally congratulated PayPal and Paxos Belief Firm on their latest launch of PayPalUSD (PYUSD), one other stablecoin that goals to keep up a 1:1 peg with the greenback.
Moreover, the Circle CEO expresses help for the “Readability for Cost Stablecoins Act of 2023,” a bit of US laws launched within the Home of Representatives final month by Rep. Patrick McHenry (R-NC).
The invoice goals to offer a transparent regulatory framework for stablecoin issuance. Says McHenry,
“Clear laws and sturdy client protections are important to enabling stablecoins to realize their full potential. That’s why it’s extra necessary than ever that Congress enact laws to offer complete digital asset regulation, particularly for stablecoins. The bipartisan Readability for Cost Stablecoins Act acknowledges the sturdy function that states have performed in regulating digital asset companies and builds on profitable state regimes, like New York’s.”
The Home Monetary Companies Committee accredited the invoice in late July and despatched it on to the total Home for consideration.
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