Circle CEO declares there is an exploding interest in stable coins. These are coins that are pegged to the dollar. Many crypto goers are turning to digital dollars as a payment method of choice.
According to the CEO, Jeremy Allaire, the firms’ recent partnership with Coinbase to support its native stablecoin shows that there is a growing demand for the asset class. Interest is shifting to using digital dollars as the next-gen avenue for making payments.
“There is clearly very significant global demand for digital dollars, and the use of digital dollars as a new payment medium.”
Circle CEO pushing for stablecoins offering as-a-service
Towards the end of 2019, Circle announced that they are shifting the business model to ‘stablecoin service offerings’ through their over the counter desk. Circle had promised that the service will commence early 2020 and this has seen a surge in new signups.
The firm has seen new networks onboarding the network. These new adopters include those drawn from e-commerce, software companies, mobile ban service providers, luxury goods manufacturers and recruiting organizations among others.
In a recent report, Coinbase says there is increased demand for the asset class across high profile trading networks. However, the report singles out China as leading in the uptake. Binance, Huobi, and OKex are some of the Chinese platforms that have registered a surge in stablecoins.
Circle CEO on feedback from the Asian market
The Circle CEO says from the feedback gotten from the Asian market participants, interest in USDC spans from small and medium-sized businesses to large enterprises. However, their interest in stablecoins is due to utility and security that the asset class presents.
Allaire adds that the account that handles corporate businesses using USDC has grown by more than 700 percent in the last few weeks. However, he says that only two-thirds of the clients are drawn from the crypto sphere.
The current COVID-19 pandemic has proven that stablecoin use cases are real-life use cases. The crisis has seen mainstream adoption surge and this could usher in the much anticipated institutional adoption of virtual currencies. He concludes by saying:
“We’re seeing record amounts of transaction volume; the adoption is relatively evenly distributed across Western and Asian markets.”
