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Circle Plan To Invest In Japanese Yen StableCoin And Establish Regional Headquarter In Singapore

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Circle, a firm behind the second largest stable coin USDC has announced inventing in Japanese Yen stable coin through newly established Circle Ventures. As part of expanding its presence in Asia, the company will also open an office in Singapore.


Bloomberg writes.

“The Boston-based internet finance firm is establishing a regional headquarters in Singapore and has announced it’s investing in Japanese yen stable coin effort through the newly-established Circle Ventures. Circle sees ample opportunity in Asian markets, Chief Executive Officer Jeremy Allaire said in an interview. He expects significant growth in the use of stable coins, the top two of which are Circle’s USDC and category leader Tether, in borrowing and lending markets.”

In the interview with Bloomberg, Circle CEO, Jeremy Allair predicted the active adoption of stable coins in the borrowing and lending markets. He believes that such a transition will be the desire of investors to secure funds from inflation.

“Many seek to hedge such risks through direct purchase of bitcoin, but for wealth managers and CFOs it looks more attractive to include stable coins in the portfolio,” he said.

Circle intends to obtain a license from Singapore. The circle is partnering with the local Monetary Authority on a project to implement USDC for large city-state businesses.

In general, the firm is ready to support teams that develop projects using stable coins, including for payments and DeFi-protocols.

Recall, Circle also supported the intention of President Joe Biden’s administration to regulate stable coins as banking institutions.

In August, Jeremy Allair announced that Circle would become a “full commercial cryptocurrency bank.”

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Ammarahttps://thecryptobasic.com/
Ammara Mubin is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Ammara authored more than 1,000 stories for TheCryptoBasic, CryptoComes and other fintech media outlets. She is particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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