Circle CEO Jeremy Allaire stated {that a} whopping 70% of USDC adoption comes from exterior the US.
“Regardless of the hype that we’re all in regards to the US, we estimate that 70% of USDC adoption is non-US,” he tweeted, including that “among the quickest rising areas are rising and creating markets.”
“Robust progress is occurring throughout Asia, LatAm, and Africa,” and that “Demand for secure, clear digital {dollars} is powerful,” he stated.
Circle didn’t instantly reply to Decrypt’s request for remark.
On the similar time, the CEO has not shied away from lobbying U.S. lawmakers–regardless of his suggestion that USDC’s presence is significantly smaller within the nation–urging Congress in July to guard stablecoins and “construct belief in digital {dollars}.”
Allaire’s firm, Circle, is the issuer of US Greenback Coin (USDC), the second-largest stablecoin by market capitalization, trailing Tether (USDT), which boasts a market cap of greater than 3 times its dimension.
Each USDC and USDT have been vying for the highest spot for years, though their competitors turned even fiercer yesterday when fintech big PayPal launched its personal stablecoin PYUSD.
USDC has been in freefall when it comes to market capitalization, dropping greater than 50% over the previous 12 months.
In line with Coingecko, from August 8, 2022, to August 8, 2023, the stablecoin plummeted from $54 billion to simply over $26 billion.
The corporate launched a full asset breakdown report final month that–though unaudited–claims USDC is totally backed by money and U.S. treasuries.
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