Update
Circle Expanding into 40 Emerging Markets with USDC
Circle, the issuer of the USDC stablecoin, plans to enter about 40 emerging and developing markets, according to CEO Jeremy Allaire. Allaire cited rising demand in Southeast Asia, Latin America, Africa, and the Middle East, where people and businesses are looking to tap into an internet-based economy. The company has resources for the push, including a $400 million acquisition of payments firm Tazapay and a $100 million strategic investment from Binance. Circle secured a federal banking charter in July, which sent its stock higher, and has pursued a New York trust charter. The GENIUS Act, a U.S. stablecoin law, is slated to take effect in January, giving the world 'legal digital dollars.'