Circle eyes Japan for yen stablecoin, sees global stablecoin regulations by the end of 2024 Circle JeremyAllaire stablecoin
- Circle, the company behind USD Coin , the second-ranked stablecoin by market cap, is looking to expand its list of offerings to include a yen stablecoin now that Japan’s new rules governing stablecoins have come into effect.
When asked about Circle’s view of the Japanese market – the third-largest economy in the world – Allaire pointed out that Japan has a long history of cross-border trade, foreign currency transactions, and global commerce. “If stablecoins become more widely used for such purposes, we believe that Japan will become an extremely large market,” he said.
When asked specifically if Circle aims to become a stablecoin issuer in Japan, Allaire said “I am considering it very carefully. I am in Tokyo exploring and trying to understand different opportunities. I think Japan could be a very attractive market for Circle.” He noted that USDC was started as a regulated product under the same rules as electronic money providers like PayPal and Apple Pay.
“Stablecoins will become something like official electronic money, and their usage will spread everywhere,” he said. “We believe that the introduction of regulations in markets around the world will lead to greater mass adoption. Over the next three to five years, I believe that stablecoins will go from being used only in the cryptocurrency market to being used by people and businesses around the world.
When asked about how Circle’s stablecoins will be used around the world in the future, Allaire said the company’s focus “is on the use of a digital dollar that works across different financial institutions and different markets around the world.”
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