Circle, the issuer of the US dollar-backed stablecoin USDC, has stepped up its global expansion, targeting around 40 emerging and developing markets as demand for blockchain-based payments grows.
Speaking on the sidelines of the International Monetary Fund (IMF) and World Bank meetings in Bangkok, CEO and co-founder Jeremy Allaire told Reuters that blockchain technology was moving beyond its early-adopter phase towards mainstream adoption, creating opportunities across South-east Asia, Latin America, Africa and the Middle East.
“Individuals and businesses in these regions are increasingly seeking digital payment solutions and access to internet-based financial services,” he said.
Circle is looking to leverage the USD 400 million acquisition of Tazapay and a USD 100 million strategic investment from cryptocurrency exchange Binance to support its expansion efforts.
Circle’s global expansion will further intensify the competition in the stablecoin market, with legacy financial institutions and payment companies both exploring ways to use digital currencies for cross-border transactions and asset transfers.
Circle, as of October 2026, holds around 25% of the global stablecoin market, compared with nearly 60% for Tether’s USDT.
Stablecoins are cryptocurrencies designed to maintain a relatively stable value by pegging them to assets such as the US dollar.
They have become increasingly popular due to their usage for payments, settlements and transfers, offering an alternative to more volatile cryptocurrencies.
Circle’s USDC circulation rose 19% year-on-year to USD 73.3 billion in the second quarter, reflecting growing demand for the digital dollar.
Regulatory developments in the United States are also helping shape the market.
The US GENIUS Act, passed by the Donald Trump administration, has established a federal framework for payment stablecoins, a development that is expected to provide greater legal clarity for issuers and users.
“When the Genius Act goes into law, the world will have legal digital dollars…That is a watershed moment,” Allaire said.
Circle in July became one of the first stablecoin issuers to secure a federal bank charter, strengthening its position as the regulatory landscape evolves.
Traditional financial institutions are also accelerating their efforts to develop stablecoins and digital asset services.
American and European banking groups are moving beyond pilot projects towards commercial applications, increasing competition for established cryptocurrency companies.
Allaire welcomed the entry of banks into the market, arguing that competition would support innovation after years in which traditional financial institutions had largely controlled access to payment infrastructure.
Circle is also positioning itself as a provider of blockchain infrastructure.
Its Arc operating system has attracted participation from major global financial firms, including BlackRock, Visa and Standard Chartered.
“The wider adoption of stablecoins could help financial institutions streamline cross-border settlements and asset transfers, although regulatory compliance, security and integration with existing systems remain important considerations,” Allaire remarked.
Taking note of the growing use of AI as another potential source of demand for USDC, Allaire said transactions between AI agents were contributing to the virtual currency’s use, with automated systems making tiny payments for tasks such as web research and accessing real-time data.
However, he warned that the expansion of AI-powered services was also increasing cybersecurity risks for financial infrastructure providers.
“Sophisticated attackers and networks of automated agents could pose growing threats as digital transactions become more widespread,” Allaire said.
“If you’re not concerned about it, then you’re ignoring the issue,” he remarked.