The operator behind the second’s largest stablecoin in the cryptocurrency sphere is expanding, and now its geographic boundaries have extended to Asia.
Circle, a Boston-based firm that runs USD Coin (USDC), launched its official headquarters in the region, specifically in Asia. The company also unveiled its plans to invest in a Japanese yen stablecoin.
According to Jeremy Allaire, Circle’s CEO, among the reasons behind making such a business maneuver include the booming of stablecoins usage.
Moreover, the technology company sees Asia as a market with a high potential to grow when it comes to stablecoins, as Circle is also focusing on deploying its interest-yielding forthcoming product, Circle Yield.
USDC Market Cap
Nowadays, USDC’s market value in the crypto industry is over $35 billion, which is up compared to the end of the last year’s figures. USD Coin is pegged with the US Dollar value in the same way as its competitor, Tether (USDT), does.
In fact, Tether is the biggest stablecoin by market cap, whose value hovers at around $73.81 billion, according to CoinMarketCap’s metrics.
The announcement also comes in the midst of recent regulatory’s talks in the United States about stablecoins, as the US Securities and Exchange Commission (SEC) could be provided with enough legal powers to oversee such kinds of assets.
The watchdog had also raised concerns about crypto-related yield products, which led Circle to receive a subpoena from the US SEC.
Stablecoins Usage In Other Markets
Moving back to the launching in Asia, Circle expects a continuing growth of stablecoins usage in the fronts that are booming nowadays, such as decentralized finance (DeFi) and even the Forex market.
In addition, the company noted that it’s set to issue more stablecoins themselves in some cases, while at the same time, it would like to provide support for the growth in stablecoins for payments.
Talking about a deadline for the merger with Concord Acquisition Corp., Circle said it doesn’t have any specific date for settling the merger definitely.