Circle, a cryptocurrency company, has set its eyes on the flourishing Asian cryptocurrency markets. This peer-to-peer payments technology firm is based in Boston, Massachusetts, planning to launch its formal headquarters in Singapore. They are all into expanding their geographical presence in Asia.
Moreover, this blockchain-focused financial and payment firm is also growing an investment arm called Circle Ventures. The main purpose of this venture is to invest in Japanese yen stable coins.
While speaking in an interview with the Bloomberg outlets, Circle’s CEO Jeremy Allaire clarified that the major reason behind making such a business move is because of the use of the prosperous, stable coins.
Moreover, Circle sees Asia as a market with a high potential to grow when it comes to stablecoins. Also, Allaire expects substantial growth in the usage of stable coins, especially in the leading two stablecoins: Circle’s USDC and category leader Tether on lending and borrowing markets.
Allaire sees the potential growth with the corporate balance sheets. That’s why he stated in his interview that the inflation environment mainly triggers the market move to stable coins.
Furthermore, the Circle expects stable coin usage growth, including the booming decentralized finance (DeFi) and Forex markets.
The circle is also planning to provide support for the growth in the stablecoins for the payments. Therefore, they are currently in the process of filling up the Singapore headquarters to make the USDC one of the first global stablecoins to be authorized in Singapore.
