Circle Eyes 40 Developing Markets as USDC Closes Gap on Tether

Circle CEO Jeremy Allaire has signaled an aggressive global expansion for the stablecoin issuer, revealing that the company is targeting entry into approximately 40 developing markets spanning Southeast Asia, Latin America, Africa, and the Middle East. Speaking on the sidelines of the IMF and World Bank meetings in Bangkok, Allaire described the current moment as an inflection point for blockchain technology, transitioning from early adoption into mainstream scaling. He pointed to surging demand from businesses and individuals in these regions seeking access to internet-based financial systems.

The push comes as USDC, Circle's dollar-backed stablecoin, gains significant ground on rival Tether's USDT in transaction activity. According to analysts at Bernstein, USDC's share of adjusted stablecoin transaction volume climbed from roughly 40% in 2025 to over 60% in 2026 — overtaking USDT by that measure, even though USDT still leads in total market capitalization. Bernstein analysts identified several catalysts for stablecoin growth, including renewed crypto market momentum, greater US regulatory clarity, tokenized capital markets, and the early but notable emergence of stablecoin use in payments made by AI agents.

To accelerate its payments strategy, Circle agreed in September to acquire Singapore-based cross-border payments platform Tazapay in a $400 million all-stock deal expected to close in 2027. The acquisition positions Circle to capture remittance flows in the very regions it is targeting, where stablecoin-based transfers have been shown to cost up to 84% less than traditional channels. Bernstein remains bullish on Circle, projecting a new growth cycle for USDC over the next 12 months as the stablecoin ecosystem matures and institutional adoption deepens.