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.
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.”