Di. Sep 26th, 2023

• Circle is actively monitoring the emerging crypto markets in Asia, particularly in Hong Kong and Singapore, to take advantage of the growing demand for US dollar-backed stablecoins.
• CEO Jeremy Allaire has praised Hong Kong’s ambition to become a prominent crypto hub and has acknowledged their recent approval of retail crypto trading.
• Allaire advocates for a “full reserve model” that combines cash and short duration Treasury bills when regulated by banking authorities as a means to integrate fiat-linked digital currencies into the mainstream financial system.

Circle’s Focus on Asian Markets

Circle has been closely monitoring the emerging crypto markets in Asia with great interest. According to CEO Jeremy Allaire, there is a significant and growing demand for stablecoins backed by the U.S. dollar in these emerging markets, particularly in Asia. As a result, Circle has made Asia a key focus area for their operations, securing a Major Payment Institution license in Singapore and closely watching regulatory developments in Hong Kong.

Hong Kong Takes Steps Towards Crypto Hub Ambition

Hong Kong recently took a significant step towards becoming an established crypto hub by approving retail crypto trading on June 1 . Allaire acknowledged this development, noting that Hong Kong is positioning itself as a major center for digital asset markets and stablecoins. Circle is closely monitoring the regulatory progress in Hong Kong, recognizing that it could have implications for the wider crypto markets in Greater China.

Singapore License Facilitates USDC Distribution

In addition to Hong Kong, Circle also obtained a Major Payment Institution license in Singapore on June 7 , which enables them to distribute USDC more fully throughout the region. Allaire emphasized that Circle views multiple international markets including Tokyo, Paris, London , and others advancing on their own terms simultaneously rather than one dominating over another.

Full Reserve Model: The Future of Stablecoins?

The global drive for stablecoin regulations is gaining momentum with countries such as Japan introducing their own frameworks. Allaire sees this push as an indication that fiat-linked digital currencies are close to integration into mainstream global finance systems according to his “full reserve model” approach which combines cash reserves with short duration Treasury bills supervised by banking authorities if regulated correctly..


Circle’s presence across various international markets demonstrates their commitment to taking advantage of opportunities offered by Asia’s growing demand for US dollar-backed stablecoins and money services regulation technologies such as those seen recently from Hong Kong’s retail trading approval or Singapore’s Major Payment Institution license granted to Circle itself..

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