---
title: "70% of USDC adoption comes from outside the US"
url: https://diffcoin.com/70-of-usdc-adoption-comes-from-outside-the-us/
description: "Circle CEO Jeremy Allaire estimates as much as 70% of USD Coin (USDC) adoption comes from countries outside of the United States.On Aug. 8 tweet to his…"
published: 2023-08-08
updated: 2023-08-08
author: "Mila"
site: "Diffcoin"
---

# 70% of USDC adoption comes from outside the US

Circle CEO Jeremy Allaire estimates as much as 70% of USD Coin (USDC) adoption comes from countries outside of the United States.

On Aug. 8 tweet to his 131,300 followers on X (Twitter), Allaire said the high rate of non-U.S. adoption was “despite the hype that we’re all about the US,” adding:

> “We estimate that 70% of USDC adoption is non-US, and some of the fastest growing areas are emerging and developing markets.”

He [added](https://twitter.com/jerallaire/status/1688672056898928640) that strong progress was happening across Asia, Latin America (LATAM), and Africa.

> Despite the hype that we’re all about the US, we estimate that 70% of USDC adoption is non-US, and some of the fastest growing areas are emerging and developing markets. Strong progress happening across Asia, LATAM and Africa. Demand for safe, transparent digital dollars is…
> 
> — Jeremy Allaire (@jerallaire) [August 7, 2023](https://twitter.com/jerallaire/status/1688672056898928640?ref_src=twsrc%5Etfw)

Paolo Ardoino, CTO of rival stablecoin issuer Tether, echoed a similar non-U.S. focus for his firm and stablecoin. In February, he [said](https://twitter.com/paoloardoino/status/1623644473652551680) that USDT can be “considered a safe tool for emerging markets and developing countries.”

Cointelegraph reached out to Circle for further details on non-U.S. expansion but had not received a response at the time of publication.

Allaire’s comments came amid an announcement from PayPal tha it is launching its own USD-pegged stablecoin, PayPal USD (PYUSD), where he congratulated the firm and Paxos, adding:

> “It’s incredibly exciting to see such a significant internet and payments company entering the stablecoin space. This is what happens when we start to get regulatory clarity.”

His comments also come amid a decline in USDC supply since the beginning of 2023, due to dwindling demand and an increase in redemptions. As a result, its stablecoin market share has shrunk to just 21% with a total circulation of $26.1 billion.

***Related:*** ***Circle to launch ‘official version’ of USDC natively on Arbitrum***

On Aug. 8, Allaire also commented on concerns over USDC liquidity, confirming that redemptions were outpacing issuance stating, “Over the past month, we’ve issued $5B USDC, and have redeemed $6.6B USDC.”

Allaire added that Circle’s global banking and liquidity network was expanding and the firm was working with “exceptional and high-quality banks in major regions around the world.”

> USDC Liquidity. Over the past month, we’ve issued $5B USDC, and have redeemed $6.6B USDC.
> 
> USDC banking is public and transparent, with 24/7/365 mint/burn, and wire settlement with nearly 90 countries.
> 
> USDC reserves are attested by Deloitte every month, and all of our T-bill…
> 
> — Jeremy Allaire (@jerallaire) [August 7, 2023](https://twitter.com/jerallaire/status/1688667728737959937?ref_src=twsrc%5Etfw)

In a transparency report released on Aug. 3, the firm stated that its Circle Reserve Fund held a 93% portfolio of short-dated US Treasuries, overnight US Treasury repurchase agreements, and cash. The remaining 7% is cash reserves at banks, according to Circle.

In early June, Circle announced that it had received a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).

***Magazine:*** ***Yuan stablecoin team arrested, WeChat’s new Bitcoin prices, HK crypto rules: Asia Express***

[Source link](https://cointelegraph.com/news/circle-ceo-usdc-adoption-emerging-developing-markets)