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{"id":861,"date":"2023-08-09T07:45:12","date_gmt":"2023-08-09T07:45:12","guid":{"rendered":"https:\/\/lunu.io\/news\/?p=861"},"modified":"2023-08-09T07:46:36","modified_gmt":"2023-08-09T07:46:36","slug":"usdcs-global-rise-what-does-this-mean-for-the-crypto-world","status":"publish","type":"post","link":"https:\/\/lunu.io\/news\/usdcs-global-rise-what-does-this-mean-for-the-crypto-world\/","title":{"rendered":"USDC&#8217;s Global Rise: What Does This Mean for the Crypto World?"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">A Global Embrace of Digital Dollars<\/h2>\n\n\n\n<p>Stablecoin issuer Circle, a US-based entity, has observed that a staggering 70% of its USDC adoption comes from regions outside the US. Circle&#8217;s CEO, Jeremy Allaire, has pointed out that the most rapid growth areas are emerging and developing markets. These markets are not within the US, a country currently grappling with regulatory uncertainties. Allaire recently took to X (previously known as Twitter) to highlight the robust progress in Asia, LATAM, and Africa. He emphasized the increasing demand for &#8220;safe, transparent digital dollars.&#8221;<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<div class=\"ast-oembed-container \" style=\"height: 100%;\"><blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Despite the hype that we&#39;re all about the US, we estimate that 70% of USDC adoption is non-US, and some of the fastest growing areas are emerging and developing markets.  Strong progress happening across Asia, LATAM and Africa.  Demand for safe, transparent digital dollars is\u2026<\/p>&mdash; Jeremy Allaire (@jerallaire) <a href=\"https:\/\/twitter.com\/jerallaire\/status\/1688672056898928640?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\" target=\"_blank\">August 7, 2023<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/div>\n<\/div><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">The Shifting Sands of Stablecoins<\/h2>\n\n\n\n<p>The USDC stablecoin has experienced its share of challenges, with its value dropping by over 43% since the start of the year. Despite this, it has managed to maintain a market cap of over $26 billion in recent weeks, even after a brief dip below this mark. This resilience is noteworthy, especially considering the revelation by Coinbase CEO Brian Armstrong that Binance had sold a significant portion of the token. Armstrong&#8217;s statement during Coinbase&#8217;s second-quarter earnings highlighted Binance&#8217;s move from USDC to another stablecoin. This shift was in response to the New York Department of Financial Services&#8217; directive to halt the issuance of the dollar-pegged BUSD stablecoin. Consequently, Binance turned its attention to TrueUSD (TUSD) to meet its stablecoin needs. However, TUSD lost its peg and stopped its issuance by June 10th. Amidst these changes, the launch of PYUSD by global payments behemoth PayPal further underscores the evolving stablecoin landscape.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">A Personal Take on the Stablecoin Evolution<\/h2>\n\n\n\n<p>From my point of view, the growing international adoption of USDC is a testament to the global trust in digital currencies. While the US remains a significant player in the crypto space, the increasing demand from emerging markets indicates a shift in the global financial landscape. The challenges faced by USDC, such as diminishing demand and concerns over liquidity, are not unique to this stablecoin. Many digital currencies face similar hurdles. However, the proactive approach of Circle&#8217;s leadership, as evidenced by their collaborations with reputable financial institutions worldwide, is commendable. On the flip side, the rapid changes in the stablecoin market, with major players like Binance shifting their preferences, highlight the volatility and unpredictability inherent in the crypto world. As I see it, while the future of stablecoins remains uncertain, their potential to revolutionize global financial systems is undeniable.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A Global Embrace of Digital Dollars Stablecoin issuer Circle, a US-based entity, has observed that a staggering 70% of its USDC adoption comes from regions outside the US. Circle&#8217;s CEO, Jeremy Allaire, has pointed out that the most rapid growth areas are emerging and developing markets. These markets are not within the US, a country [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":863,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[53,54],"tags":[],"class_list":["post-861","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-crypto"],"_links":{"self":[{"href":"https:\/\/lunu.io\/news\/wp-json\/wp\/v2\/posts\/861","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lunu.io\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lunu.io\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lunu.io\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/lunu.io\/news\/wp-json\/wp\/v2\/comments?post=861"}],"version-history":[{"count":1,"href":"https:\/\/lunu.io\/news\/wp-json\/wp\/v2\/posts\/861\/revisions"}],"predecessor-version":[{"id":875,"href":"https:\/\/lunu.io\/news\/wp-json\/wp\/v2\/posts\/861\/revisions\/875"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/lunu.io\/news\/wp-json\/wp\/v2\/media\/863"}],"wp:attachment":[{"href":"https:\/\/lunu.io\/news\/wp-json\/wp\/v2\/media?parent=861"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lunu.io\/news\/wp-json\/wp\/v2\/categories?post=861"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lunu.io\/news\/wp-json\/wp\/v2\/tags?post=861"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}