USDC Issuer Circle Plans on Entering the Asian Market
Circle, a US-based issuer of USD stablecoin, names Asia as one of the most promising markets to enter. The CEO, Jeremy Allaire, confirmed it in his interview with Bloomberg agency.
Despite anti-crypto actions made by Chinese authorities, Asia still has a great potential for launching and supporting digital currency projects. For example, some jurisdictions (Laos, Singapore, United Arab Emirates) set crypto-friendly requirements as this sphere provides excellent benefits for businesses.
Therefore, Circle is interested in investing in stablecoins backed by Asian traditional currencies. The company plans to start the project with the Japanese Yen; this is why it has placed its HQ office in Singapore as a first step to realize Asian ambitions.
Jeremy Allaire, Circle Ventures CEO, stated that the Asian market is distinguished by high inflation and a search for yield. This said, the demand for attractive and crypto coins is rising. He believes that stablecoins can become a profitable solution for everyone.
As for now, Circle aims to make USDC the first licensed digital currency in Singapore. Their corporate goals show that Singaporean businesses must broadly accept the new crypto payment solution. Moreover, USDC should be a guardian of capital within the companies and financial institutions.
The next step in Circle’s plans is developing a JPY-backed stablecoin.