Circle CEO Jeremy Allaire estimates as much as 70% of USD Coin (USDC) adoption comes from countries outside of the United States.
On Aug. 8 tweet to his 131,300 followers on X (Twitter), Allaire said the high rate of non-U.S. adoption was “despite the hype that we’re all about the US,” adding:
“We estimate that 70% of USDC adoption is non-US, and some of the fastest growing areas are emerging and developing markets.”
He added that strong progress was happening across Asia, Latin America (LATAM), and Africa.
Despite the hype that we’re all about the US, we estimate that 70% of USDC adoption is non-US, and some of the fastest growing areas are emerging and developing markets. Strong progress happening across Asia, LATAM and Africa. Demand for safe, transparent digital dollars is…
— Jeremy Allaire (@jerallaire) August 7, 2023
Paolo Ardoino, CTO of rival stablecoin issuer Tether, echoed a similar non-U.S. focus for his firm and stablecoin. In February, he said that USDT can be “considered a safe tool for emerging markets and developing countries.”
Cointelegraph reached out to Circle for further details on non-U.S. expansion but had not received a response at the time of publication.
Allaire’s comments came amid an announcement from PayPal tha it is launching its own USD-pegged stablecoin, PayPal USD (PYUSD), where he…
