Circle’s Allaire says stablecoin issuer looking to enter 40 developing markets: Report

Markets in Southeast Asia, Latin America, Africa, and the Middle East are witnessing a surge in demand for stablecoins, according to Circle's CEO and chairman, Jeremy Allaire. Speaking at the IMF and World Bank meetings in Bangkok, Allaire explained that the company is aiming to enter approximately 40 developing markets as blockchain technology transitions from the early adopter phase to mainstream scaling.

Allaire noted that businesses and individuals are increasingly looking to enter the internet-based economic system, prompting the need for stablecoins. Cointelegraph reported on August 24 that Bernstein analysts were optimistic about Circle, forecasting a new growth cycle for its USDC stablecoin that could significantly boost the company in the coming year.

Bernstein cited factors such as renewed momentum in crypto markets, clearer US regulations, tokenized capital markets, and growing stablecoin adoption for payments as potential drivers of this growth.

While USDC is the second-largest dollar-backed stablecoin by market capitalization, behind Tether's USDt (USDT), it has gained substantial traction in transaction activity. Bernstein data shows that USDC's share of adjusted stablecoin transaction volume surged from around 40% in 2025 to over 60% in 2026, surpassing USDt in this metric.

On September 8, Cointelegraph revealed that Circle had reached a $400 million all-stock deal to acquire Singapore-based cross-border payments platform Tazapay, with the acquisition expected to close in 2027.