Stablecoin Usage Rising in Emerging Markets: Jeremy Allaire, Co-Founder of Fintech Circle, Estimates that 70% of USDC Adoption Is Non-US

Jeremy Allaire, Co-founder & CEO of Circle, a Fintech that’s focused on stablecoins and other services supporting the blockchain and crypto sector, says that despite the hype that they’re all about the US, the firm “estimates that 70% of USDC adoption is non-US, and some of the fastest growing areas are emerging and developing markets.”

According to Allaire, strong progress is happening across Asia, Latin America, and other world regions. He claims that the demand for safe, transparent digital dollars is “strong.”

Allaire, who focuses on and is interested in open internet platforms, crypto, bitcoin, globalism, human and civil rights, as well as USDC, had testified in Juner 2023 before Congress.

On Tuesday, June 13, 2023, he took part in a discussion “as part of a landmark hearing on the urgent need for increased regulatory clarity in digital assets, including payment stablecoins, as a vehicle for strengthening the U.S. dollar’s competitiveness in the 21st century.”

The hearing, hosted by the House Financial Services Committee, took place at a time when leaders on both sides of the political aisle have “demonstrated a commitment to advance sensible and rigorous payment stablecoin regulation in the U.S.”

As noted by Mr. Allaire as part of his written testimony:

“All eyes are on the US dollar, and the steps that the US government takes in the coming years will have a significant impact on dollar competitiveness in the decades that follow. Failing to take the appropriate steps could have devastating consequences for our country. […] As a nation, we need to ensure that the dollar is the most competitive currency on the internet, and that there can be universal access to the safest and most secure digital dollars possible. The stakes are simply too high to ignore.”

House Financial Services Committee Chairman Patrick McHenry (R-NC) “underscored that the legislation being considered helps to position the U.S. to remain a global financial leader and keep users safe.”

“The U.S. has the deepest, and most liquid capital market in the world – we intend to keep that. We want to keep that strategic advantage here in the U.S. to the best of our ability. We know informative disclosures are critical to helping investors make informed decisions. By making disclosures fit for purpose, the draft bill will ensure issuers provide users with necessary information – including the number of tokens in circulation, the concentration of assets held by affiliates, and much, much more.”

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