Circle, the issuer of the stablecoin USD Coin, or USDC, has announced its intention to expand into Asian crypto markets.
Asian Market Opportunities
Circle has reportedly chosen Singapore for their regional headquarters. In addition, the crypto company is also in the process of establishing an investment arm called ‘Circle Venture’. According to Circle CEO Jeremy Allaire, the new venture arm’s first-ever investment will be in a stablecoin of the Japanese Yen.
According to the stablecoin company, there are therefore substantial opportunities in emerging Asian markets. The company’s CEO added that the inflation environment and the search for yield would lead to the transition of markets to stablecoins. Commenting on “Circle Yield,” the company’s latest interest-bearing offering, he noted the following:
“While a lot of people want to focus on hedging people by directly purchasing Bitcoin, we think for intra-corporate capital managers and corporate treasurers and so on, an allocation to stablecoin proceeds will be really, really attractive.”
Support for recent proposal administration Joe Biden
The company is also now looking to hire staff to fill its Singapore office. Among other things, the company aims to make USDC one of the first global stablecoins licensed in Singapore. The company is also collaborating with the Monetary Authority of Singapore with the aim of assisting the adoption of USDC for the country’s major companies.
In the crypto industry, Allaire was one of the first executives to voice his vocal support over a recent proposal from Joe Biden’s administration. She proposed to regulate stablecoin issuers like traditional banks. On this, Allaire said: “We kind of agree with that premise for something that may underlie a very broad range of payments and market activities.” Do you want to know more about this topic? Click here to go to the relevant article.