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Following PYUSD Launch USDC CEO Jeremy Allaire Highlights Non-U.S Adoption

Published August 8, 2023 6:12 PM
Omar Elorfaly
Published August 8, 2023 6:12 PM

Key Takeaways

  • Circle CEO estimates “70% of USDC adoption is non-US
  • Allaire congratulates PayPal and Paxos on the launch of PYUSD
  • Allaire also shows support for the Payment Stablecoin Act, claiming “can open up a free and competitive market for dollar stablecoin issuers”

Jeremy Allaire, the CEO of Circle , took to Twitter  to highlight the fact that US stablecoins are more adopted by developing markets in Asia, LATAM, and Africa.

His statement comes right before he Tweeted  his congratulations to PayPal and Paxos for launching PYUSD, PayPal’s new stablecoin.

USDC For Non-US Markets

Allaire’s commentary is more of a praise for USDC than criticism of the stablecoin’s activity in the U,S. He cites “Demand for safe, transparent digital dollars is strong” as the main reason behind U,S stablecoin adoption overseas.

A Twitter user by the name of _sisma_, who also runs a Youtube channel  that offers technical analysis on crypto platforms, replied  to Allaire, claiming that “non-US holders of USDC are still contributing to an increase in demand for US treasuries”

Coinshift’s official Twitter account also responded  to Allaire’s tweet, saying, “USDC is a global dollar which is safe, fast, cheap and transparent. It is becoming the natural choice of global payments around the world.”

CCN reached out to Jeremy Allaire for commentary but did not receive a reply at the time of publishing.

The More Regulation, The Merrier

Among Allaire’s tweets is a retweet of a U.S. House Committee on Financial Services post. The tweet shows a statement made by the Committee’s Chairman, Patrick Henry which states that “payment stablecoins -if issued under a clear regulatory framework- have the potential to revolutionize the existing  payments system by facilitating faster and more efficient payments.

Henry’s statement says, “The Clarity for Payment Stablecoins Act establishes this necessary framework through clear regulation and robust consumer protections- while ensuring these technologies and entrepreneurs continue to flourish in the U.S.”

The US Securities and Exchange Commission, the regulating body for digital assets, is currently in a discussion with the US government regarding the legitimacy and application of stablecoins. The SEC, led by Gary Gensler, is opposed to using any crypto token besides Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. However, representatives of the US government see things differently. 

PayPal Launches PYUSD

Circle’s CEO congratulated PayPal and Paxos on launching PYUSD, a new stablecoin native to PayPal, by Tweeting  “I’d also like to congratulate @PayPal and @Paxos for the launch of $PYUSD.  It’s incredibly exciting to see such a significant internet and payments company entering the stablecoin space.”

He also added that “This is what happens when we start to get regulatory clarity, and with the Payment Stablecoin Act, this can open up a free and competitive market for dollar stablecoin issuers with strong supervision, allowing the US to compete with digital dollars that are uniformly safe, transparent, liquid and supervised to Fed-standards.”

He also intentionally compared the stablecoin market in the US to its foreign counterparts, mentioning that “Stablecoin laws are arriving in Japan, the UK, EU, Hong Kong, UAE, Singapore and the US.  Customers will know who they are dealing with, and firms that can survive scrutiny by central banks and prudential regulators will thrive.  That’s the market in 2024 and 2025.”

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