Circle Setting Foot In Asia Via invest In Japanese Yen Stablecoin

By Robin Wong | November 16, 2021

Circle – the US-based issuance entity of USD Coin (USDC) is reportedly having plans down its pipeline to establish its footprint across the Asian crypto markets. 

Specifically, via an initiative to reinforce its footprint across Asia, Circle reportedly set its sight on Singapore to form a regional headquarter. 

The firm is reportedly also establishing an investment division dubbed Circle Ventures, as revealed by Head of Circle – Jeremy Allaire. The venture division’s first investment will be revolving around a Japanese yen stable coin.

Allaire additionally revealed that the firm forecasts significant opportunities in the Asian markets, where he has expectations for strong stablecoins adoption throughout the borrowing and lending markets.

He reportedly shared that the inflation environment and the search for yield would mainly lead to markets’ move to stablecoins.

“While a lot of people want to focus on people hedging by buying Bitcoin directly, we think for stewards of capital within corporations and corporate treasurers and so on, that an allocation into stablecoin yield is actually going to be really, really attractive.” Sharing his remarks on the firm’s most recent interest-yielding offering. 

At the moment, Circle is reportedly investing significant resources towards hunting for new talents for its Singapore headquarters, to turn USDC into “one of the first global stablecoins to be licensed in Singapore.”

The firm is reportedly collaborating with the Monetary Authority of Singapore, in a bid to kickstart the adoption of USDC for the nation’s major businesses.

Allaire was reportedly among the initial executives across the crypto sphere to voice out in support of a recent proposal from the Biden administration to regulate stablecoin issuers as banks.

Tags: , , ,

Related Articles