Circle Stablecoin CEO Unveils International Dominance: 70% of USDC Adoption Outside US
In an August 8th tweet, Jeremy Allaire, the CEO of Circle, mentioned that approximately 70% of USD Coin (USDC) adoption originates from countries beyond the United States.
Contrary to the perception of being centered in the US, he noted that much of the adoption of USDC comes from international regions: “We estimate that 70% of USDC adoption is non-US, and some of the fastest growing areas are emerging and developing markets.”
“Strong progress is happening across Asia, Latin America, and Africa,” and “Demand for safe, transparent digital dollars is strong,” he said.
Circle’s USDC is the second-largest stablecoin globally in market capitalization, trailing behind Tether (USDT), which boasts a market cap over three times its size. The rivalry between USDC and USDT for the top spot has persisted for years, and this competition intensified with PayPal’s recent launch of its stablecoin, PYUSD.
Allaire’s statements coincide with a reduction in USDC supply since the start of 2023, attributed to declining demand and increased redemptions. He confirmed in a tweet on August 7th that their USD Coin (USDC) has experienced a more significant number of redemptions than issuances over the last month.
Circle issued $5 billion worth of USDC during this period. However, redemptions exceeded issuances by $1.6 billion, resulting in a total of $6.6 billion redeemed.
Consequently, USDC’s market share as a stablecoin has contracted to 21%, with a total circulation of $26.1 billion.
According to data from Coingecko, USDC's market capitalization has decreased over 50% in the past year, falling from $54 billion on August 8th, 2022, to just over $26 billion on August 8th, 2023.
Despite acknowledging that the presence of USDC in the United States is
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