Jeremy Allaire, CEO of Circle, estimates up to 70% of USD Coin (USDC) adoption is coming from non-U.S. countries, particularly in Asia, Latin America, and Africa.
At the same time, USDC supply has been decreasing as a result of falling demand and increasing redemptions, reducing its stablecoin market share to 21%, with a total circulation of $26.1 billion.
Over the past month, the company has issued $5 billion USDC and redeemed $6.6 billion.
Meanwhile, Circle has not yet provided further details on its non-U.S. expansion plans. The comments came ahead of PayPal's announcement of its own USD-pegged stablecoin, PayPal USD (PYUSD).
In response to the PYUSD launch, Allaire said that it's exciting to see a significant internet payment company entering the stablecoin space, highlighting the ongoing need for regulatory clarity.