Circle Plans Push Into 40 Emerging Markets as Stablecoins Go Mainstream, CEO Says

Allaire pointed to rising organic demand for stablecoins across Southeast Asia, Latin America, Africa, and the Middle East from people and businesses looking to tap into an internet-based economy.

The technology, he said, is moving “from the early adopter phase of blockchain technology into the mainstream scaling phase.”

Stablecoins are cryptocurrencies pegged to a traditional asset, usually the U.S. dollar. Circle’s $USDC holds about 25% of the stablecoin market, compared with roughly 60% for Tether’s $USDT. $USDC’s circulation rose 19% year over year to $73.3 billion in the second quarter.

Circle has resources for the push, including its $400 million acquisition of payments firm Tazapay and a $100 million strategic investment from Binance, Reuters reported.

The company is also leaning on regulatory tailwinds. Circle secured a federal banking charter in July, sending its stock higher, and has pursued a New York trust charter. The $GENIUS Act, the U.S. stablecoin law, is slated to take effect in January. Allaire said the law would give the world “legal digital dollars,” calling it “a watershed moment.”

Banks are building their own stablecoins, which Allaire framed as healthy competition. After a long stretch in which incumbents kept outsiders out, he said, “they are no longer in charge, and the innovators are having their day.”

Allaire also credited AI agents making tiny machine-to-machine payments with boosting $USDC usage. Circle’s Arc network has been adopted by BlackRock, Visa and Standard Chartered, according to Reuters. Circle has been pushing to make $USDC the currency of AI agents.

But Allaire warned that AI also raises security risks for financial infrastructure. “If you’re not concerned about it, then your head is in the sand, right?” he said.