Circle, the company behind USDC, the second-largest stablecoin on the market with a capitalization of approximately $35 billion, is leading the way toward a global regulatory framework for stablecoins, according to its CEO Jeremy Allaire.
In an interview with the South China Morning Post, Allaire highlighted Circle’s commitment to regulation since its founding, describing the company as a “regulatory guinea pig” in the stablecoin sector.
The potential of stablecoins in international finance
Allaire stressed that stablecoins could revolutionize international finance, especially facilitating cross-border payments and transactions in foreign currencies.
“The more fiat currencies are aligned with stablecoins, the more seamless international transactions and currency exchange will become,” he explained. This could open the door to a more programmable and adaptable global financial system, where diverse stablecoin providers can coexist.
Role in the Asian market and limits in China
While Allaire was optimistic about USDC’s role in Hong Kong trade agreements, he acknowledged limitations in mainland China, where Cryptocurrency trading and Mining are prohibited.
Although Circle does not foresee direct involvement in China, Allaire anticipates growth in overseas stablecoin markets, offering better convertibility options for Asian users.
Looking to the future
Circle continues to demonstrate its commitment to transparency and regulatory compliance while leading the push toward global regulation, marking a turning point for stablecoin adoption and security in the global digital economy.
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