SKN | Circle Targets 40 Developing Markets as Global Demand for USDC Grows

Key Points

• Circle CEO Jeremy Allaire said the stablecoin issuer is seeking to expand into approximately 40 developing markets as adoption moves beyond early blockchain users.
• Southeast Asia, Latin America, Africa and the Middle East are seeing rising demand for stablecoins as businesses and individuals seek greater access to the digital economy.
• Circle is positioning USDC for broader payments adoption, supported by growing transaction activity, potential regulatory clarity and its planned acquisition of cross-border payments platform Tazapay.

Circle is preparing to expand its stablecoin business across approximately 40 developing markets as demand for digital dollar payments grows, according to CEO and Chairman Jeremy Allaire. The expansion would extend the company’s international reach at a time when stablecoins are increasingly being used for payments and access to internet-based financial services.

Speaking to Reuters on Friday on the sidelines of the International Monetary Fund and World Bank meetings in Bangkok, Allaire described the industry as entering a new phase of adoption. He said blockchain technology was moving beyond its early-adopter stage toward broader mainstream use.

Markets across Southeast Asia, Latin America, Africa and the Middle East are experiencing increasing demand for stablecoins, Allaire reportedly said, as businesses and individuals seek to participate more fully in the digital economy.

The reported expansion highlights Circle’s ambition to position USDC as a payment and financial infrastructure product across a wider range of markets, rather than relying primarily on established cryptocurrency trading activity.

Circle Pursues Stablecoin Adoption Beyond Established Markets

Stablecoins are designed to maintain a relatively stable value against reference assets, commonly the US dollar. They can support digital payments, cross-border transfers and blockchain-based financial services without exposing users to the same price fluctuations associated with cryptocurrencies such as Bitcoin.

For businesses operating across borders, dollar-backed stablecoins can offer an alternative way to transfer value through digital networks. Their usefulness, however, depends on factors including local regulations, access to reliable conversion services, payment infrastructure and users’ ability to move funds between digital and traditional financial systems.

Circle’s reported plan to enter approximately 40 developing markets suggests the company sees opportunities to broaden USDC adoption beyond established cryptocurrency hubs. The company has not, in the supplied report, identified all targeted countries or disclosed a detailed timetable for the expansion.

The strategy also comes as stablecoin issuers compete to establish relationships with payment providers, financial institutions and businesses that could generate recurring transaction activity.

USDC Gains Ground in Stablecoin Transaction Activity

Circle’s expansion ambitions coincide with growing attention to USDC’s transaction activity relative to its larger competitor, Tether’s USDt (USDT).

On August 24, Bernstein analysts expressed optimism about Circle’s prospects, arguing that the company could enter a new growth cycle over the following 12 months. They identified renewed cryptocurrency market momentum, greater regulatory clarity in the United States, tokenized capital markets and expanding stablecoin payment use as potential drivers.

The analysts also pointed to early signs of stablecoins being used in payments initiated by AI agents, an emerging application that could create additional demand for programmable digital money.

According to Bernstein, USDC’s share of adjusted stablecoin transaction volume increased from approximately 40% in 2025 to more than 60% so far in 2026, surpassing USDT on that measure. This metric concerns adjusted transaction volume and should not be confused with overall stablecoin market capitalization.

CoinMarketCap data cited in the report put USDC’s market capitalization at approximately $72.5 billion late Friday, compared with roughly $183.4 billion for USDT. USDC therefore remained the second-largest dollar-backed stablecoin by market capitalization despite its reported gains in transaction activity.

Tazapay Acquisition Could Support Cross-Border Payments

Circle is also expanding its payments infrastructure through a planned acquisition of Tazapay, a Singapore-based cross-border payments platform.

The companies agreed to a $400 million all-stock transaction, according to reporting published on September 8. The deal is expected to close in 2027, subject to the applicable process and conditions.

The acquisition could complement Circle’s stablecoin business by strengthening its connections to cross-border payment services. Combining stablecoin infrastructure with established payment capabilities could help address some of the operational challenges involved in moving money between digital networks and conventional financial systems.

However, the acquisition remains separate from the reported plan to enter 40 developing markets. The available information does not establish that Tazapay will be used in every targeted country or specify how the platform will be integrated into Circle’s expansion strategy.

Circle’s shares, traded on the New York Stock Exchange under the ticker CRCL, closed Friday at $82.22, down 5.5% for the session and nearly 24% over the preceding six months. The share-price decline contrasts with the company’s expansion plans and reported growth in USDC transaction activity, although the supplied information does not establish a direct cause for the stock’s performance.

Outlook

Circle’s reported push into approximately 40 developing markets reflects its effort to capture demand for stablecoins beyond established cryptocurrency markets. USDC’s growing share of adjusted transaction activity and Circle’s planned Tazapay acquisition could support its ambitions in payments and cross-border finance. Execution will depend on market access, local regulatory requirements, payment partnerships and the ability to translate stablecoin usage into sustained commercial growth.