Circle Plans To Invest In Japanese Yen Stablecoin Projects.

Circle Plans To Invest In Japanese Yen Stablecoin Projects.

2021-11-16 | Mike Hallen

Circle Plans To Invest In Japanese Yen Stablecoin Projects.

The issuer of USD Coin (USDC), Circle, located in the United States, has set its sights on the growing Asian crypto marketplaces. A regional office in Singapore, a new venture arm, and an investment in a Japanese yen stablecoin are all part of Circle's Asia aspirations. Circle chose Singapore as the location for its regional headquarters in an effort to increase its footprint in Asia. According to a Bloomberg interview with Circle CEO Jeremy Allaire, the company is also forming a venture capital arm called Circle Ventures. The venture arm's first investment will be in a Japanese yen-based stablecoin. Allaire believes the firm has a lot of potential in the Asian markets, where he expects stablecoins will be widely used in borrowing and lending. He went on to say that the market's migration to stablecoins will be largely driven by inflation and the quest for yield. He said this about the company's latest interest-yielding product, "Circle Yield": "While many people want to focus on consumers hedging by buying Bitcoin directly, we believe that an allocation towards stablecoin income will be extremely attractive to stewards of capital within organizations, corporate treasurers, and so on." According to Circle, USDC is "one of the first international stablecoins to be licensed in Singapore," and the company is currently on a hiring spree to staff its Singapore headquarters. The firm is working with Singapore's Monetary Authority to encourage the adoption of USDC by the country's major businesses. Allaire was one of the first crypto businessmen to voice support for the Biden administration's recent plan to regulate stablecoin producers as banks. "We kind of agree with that fundamental notion for something that has the ability to underlying a lot of payments and market activity," he added. He stated in a separate interview that the current moves will upgrade present money transmission-focused laws "to a much more basic infrastructure at the core of what possibly the future of banking and capital markets look like."

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