Circle Targets 40 Developing Markets as Stablecoin Demand Rises

Circle plans to enter about 40 developing markets, CEO and Chairman Jeremy Allaire said, citing growing demand for stablecoins in Southeast Asia, Latin America, Africa and the Middle East.

Allaire made the comments Friday in Bangkok on the sidelines of meetings of the International Monetary Fund and World Bank. Businesses and individuals in those regions are increasingly using stablecoins to access internet-based economic activity, he said.

“We’re kind of going through an inflection point,” Allaire said. “That transition is essentially moving from the early adopter phase of blockchain technology into the mainstream scaling phase.”

Circle issues USDC, a dollar-backed stablecoin that ranks second by market capitalization behind Tether’s USDT. USDC’s share of adjusted stablecoin transaction volume rose from about 40% in 2025 to more than 60% so far in 2026, according to Bernstein analysts.

Bernstein analysts identified renewed momentum in crypto markets, clearer regulation in the United States, tokenized capital markets and increased use of stablecoins for payments as potential sources of growth. They also reported early signs of stablecoins being used in payments made by artificial intelligence agents.

Circle agreed on Sept. 8 to acquire Singapore-based cross-border payments company Tazapay in a $400 million all-stock transaction. The deal is expected to close in 2027.