Ethereum News Daily Official TheBitTimes.com

Circle’s CEO, Jeremy Allaire, unveiled that approximately 70% of USDC adoption occurs outside the United States.  Despite the perception that USDC primarily caters to the US market, emerging economies and developing regions emerge as strongholds for this stablecoin. Allaire stated that an estimated 70% of USDC adoption is non-US, and some of the fastest-growing areas are emerging and developing markets. 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 He underscored the vigorous progress made across Asia, Latin America, and Africa. This statement aligns with Paolo Ardoino, the CTO of Tether. Ardoino had earlier emphasized that Tether’s USDT can be a safe instrument for emerging markets ...

The U.S. must capitalize on the “high demand” for digitally native U.S. dollars, particularly from those in emerging economies with weak local banking systems, the Circle CEO said. The United States must implement Stablecoin legislation and digitize the U.S. dollar (USD) to mitigate the “very active de-dollarization taking place” around the world right now, says Jeremy Allaire, the chief executive of Stablecoin issuer Circle. Allaire’s comments at the Consensus 2023 conference on Wednesday, April 25, were made in light of the recent U.S. banking crisis. The Circle — the stablecoin issuer behind USD Coin (USDC) — CEO called on Congress and the Federal Reserve to take action otherwise alternative currencies and payment systems will continue to eat into the dollar’s dominance: “We have a very active de-dollarization taking place. You're having very significant reactions to the U.S. risks in the U.S. banking system, risks with the US government itself, a geopolitical imposition on ...