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Circle to invest in Japanese yen stablecoin as part of expansion to Asia


The issuer of USD Coin (USDC), Circle, located in the United States, has set its sights on the burgeoning Asian crypto marketplaces.

In fact, Circle chose Singapore to create a regional headquarters in an effort to boost its footprint in Asia. According to Circle CEO Jeremy Allaire’s Bloomberg interview, the business is also launching a venture capital arm called Circle Ventures. The first investment made by the venture arm will be in Japanese yen stablecoin.

In like manner, Allaire believes the firm has a lot of potential in Asia. Where he expects stablecoins to be widely in use in borrowing and lending. Additionally, he went on to say that the market’s march to stablecoins will be driven by inflation and the quest for yield. In response to the company’s latest interest-yielding offering, Circle Yield, he said:

“Many people want to focus on people hedging by buying Bitcoin directly. Nevertheless, we believe that an allocation towards stablecoin income is actually going to be really, incredibly appealing for stewards of capital within organisations, corporate treasurers, and so on.”

An allocation towards stablecoin income is going to be appealing

USDC is “one of the first worldwide stablecoins to acquire approval in Singapore”, according to Circle. Which is presently on a recruiting binge in Singapore. The firm is collaborating with the Monetary Authority of Singapore (MAS) to help the country’s leading enterprises embrace USDC.

Allaire was one of the first CEOs in the crypto business to speak out. In favour of the Biden administration’s recent proposal to regulate stablecoin producers as banks.

“We kind of agree with that fundamental idea. For something that might underlie a lot of payments and markets activity”, he added.

He stated in a separate interview that the current moves will upgrade the present money transmission-focused legislation “to a much more basic infrastructure at the core of what possibly the future of banking and capital markets look like”.

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