Circle targets APAC’s 74% USD trade invoicing for digital dollar growth Circle targets APAC’s 74% USD trade invoicing for digital dollar growth
Circle's USDC seeks to transform Asia's financial infrastructure, leveraging the USD's dominance in trade invoicing.
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Updated: Jul. 4, 2023 at 12:31 pm UTC
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Circle, the USDC stablecoin provider, appears to be targeting the 74% of Asia Pacific (APAC) trade invoicing processed in US dollars between 1999 and 2019, as per FED estimates.
In a recent blog post, Circle’s executives underscored the potential role of the digital dollar, specifically USDC, in the APAC financial landscape, given the persistent use of dollars over the past two decades.
CEO Jeremy Allaire shared Circle’s vision regarding USDC in the APAC region, stating,
“USDC takes the strength of the dollar and gives it the powers of the internet, enabling it to move as quickly and easily as a text message.”
Recently participating in the World Economic Forum’s Annual Meeting of the New Champions, Allaire suggested a need for a paradigm shift in how payments are viewed. “Payments are still trapped in a pre-internet era,” Allaire said, envisioning a future where cross-border payments attain the ease and speed of an email. He argued that the transformative impact of such a change would make financial transactions “instant, global, frictionless, and interoperable.”
COO Elisabeth Carpenter echoed Allaire’s sentiments, emphasizing the importance of innovation in solving real-world problems. “A key way we build trust is linking innovations directly to solving real-world problems,” Carpenter stated. She further outlined Circle’s current undertakings aimed at revolutionizing cross-border payments, lowering remittance costs dramatically, and enabling traceable humanitarian aid to countries like Ukraine.
From these discussions, it is evident that Circle’s executives view the integration of stablecoins like USDC into APAC’s evolving financial ecosystem as a step forward. They believe the digital dollar could streamline cross-border transactions, making them swift and seamless, like sending a text message.
As the conversation surrounding the role of digital currencies in mainstream finance continues amid a flurry of regulatory movement, Circle’s perspective offers a unique insight into how established currencies like the US dollar could evolve to meet the demands of the digital age.
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Posted In: China, Hong Kong, Japan, Singapore, Thailand, Adoption, Partnerships, Regulation, Stablecoins
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Liam 'Akiba' Wright
Also known as "Akiba," Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.
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USD Coin (USDC) is a stablecoin fully backed by the US dollar and developed by the CENTRE consortium.
Circle
Circle Internet Financial Ltd is a global internet finance company, built on blockchain technology and powered by crypto assets.
Jeremy Allaire stands as the founder, chairman, and CEO of Circle, a trailblazing consumer Internet company.
