Stablecoin issuer Circle is seeking to expand into about 40 developing markets, CEO and Chairman Jeremy Allaire said Friday at the IMF and World Bank meetings in Bangkok.
Markets in Southeast Asia, Latin America, Africa, and the Middle East are experiencing increasing demand for stablecoins as businesses and individuals look to participate in internet-based economic systems, Allaire told Reuters.
Growth Phase Transition
Allaire characterized the current period as an inflection point for blockchain technology, describing a shift from the early-adopter phase into mainstream scaling. The expansion aligns with broader trends in stablecoin adoption across developing regions.
USDC Market Position
Although USDC remains the second-largest dollar-backed stablecoin by market capitalization behind Tether's USDT, it has gained ground in transaction activity. According to analyst firm Bernstein, USDC's share of adjusted stablecoin transaction volume rose from approximately 40% in 2025 to more than 60% through 2026, surpassing USDT by this metric.
Analysts cited several potential drivers for continued stablecoin growth, including renewed momentum in crypto markets, increased U.S. regulatory clarity, tokenized capital markets, and expanding stablecoin adoption for payments. Early applications also include stablecoin use in transactions conducted by AI agents.
Strategic Acquisition
In September, Circle agreed to acquire Singapore-based cross-border payments platform Tazapay in a $400 million all-stock transaction expected to close in 2027.
