Circle aims USDC at about 40 emerging markets from a 25% share of stablecoins
Circle plans to enter about 40 emerging markets with USDC at $73.3 billion, about a quarter of stablecoins, CEO Jeremy Allaire told Reuters. Tether holds nearly 60%, a 35-point lead, and the $400 million Tazapay deal for local payment networks is not expected to close until 2027, Crypto Briefing reported.
The Investor · Invest desk
Tether's USDT holds nearly 60% of the global stablecoin market and Circle roughly 25%. USDC circulation was $73.3 billion in the second quarter of this year.
| Figure | Value | Note | Claim |
|---|---|---|---|
| Tether's USDT share of global stablecoin market, nearly | 60% | 3 | |
| Circle's share, roughly | 25% | 3 | |
| USDC in circulation, Q2 | $73.3 billion | 2 |
What happened
- The target regions are Southeast Asia, Latin America, Africa and the Middle East, and Allaire spoke on the sidelines of the IMF and World Bank meetings in Bangkok.
- Circle's expansion is also backed by a $100 million strategic investment from Binance, CNA reported.
- In July Circle became one of the first stablecoin issuers to hold a federal bank charter.
- Allaire said a surge in machine-to-machine payments among AI agents, which pay fractions of a cent for web research and data, has propelled USDC use.
Why it matters
- What doesn't add up contradiction CoinDesk's headline says 40 new markets and its summary says about 50, while CNA and Crypto Briefing say about 40, so the size of the push varies by outlet.
- Who's exposed exposure Each new market sets Circle against banks and payment companies for a share of cross-border money.
- What it limits constraint Part of the regulatory case Allaire makes depends on the GENIUS Act, and that law is expected to take effect only in January 2027.
The sources give one measured growth figure. USDC circulation rose 19% to $73.3 billion in the second quarter [2], and working back, 73.3 divided by 1.19 puts the year-earlier figure at about $61.6 billion [12]. The growth is solid. A share gain is a separate claim. The sources do not include a year-earlier share for Circle or Tether, so USDC could be taking ground from USDT or growing about as fast as the whole market.
The share figures are rounded: Circle holds roughly a quarter and Tether nearly 60% [3]. At face value, $73.3 billion as 25% of the market implies a total near $293 billion (73.3 divided by 0.25) [21], and Tether at 60% of that would be about $176 billion [22]. Both are approximations.
CoinDesk's own data put USDC at $72.6 billion [7], which is $0.7 billion, or about 1%, below the second-quarter figure [14]. The sources do not say how Circle measured the quarter figure. If both are point-in-time readings, circulation has slipped about 1% since the end of June.
Allaire described a transition under way and said "that transition is essentially moving from the early adopter phase of blockchain technology into the mainstream scaling phase" [16]. He said demand in emerging markets is rising organically [18]. Banking coalitions in the US and Europe are developing their own stablecoins [15]. On that, he said: "There's a very, very long time where the banking industry fought successfully to keep other people out, and I think they are no longer in charge, and the innovators are having their day" [17].
Our view is that the evidence supports a distribution purchase more than a demand measurement. The largest dollar figure tied to the expansion is the $400 million for Tazapay, which gives access to local banking and payment networks across more than 100 markets [5]. The demand evidence is Allaire's account plus one growth rate. The counter-thesis is that Allaire is right and circulation lags usage, so supply understates demand. We would be wrong if a dated share series showed USDC above its year-earlier share while the Tazapay purchase is still pending. That would put the gain down to demand and not to purchased reach.
What to watch
- A Circle or CoinDesk disclosure of USDC's market share a year ago, to test whether the 25% is a gain.
- Regulatory approvals and a closing date for the Tazapay purchase, expected in 2027.
- Which of the roughly 40 markets Circle names first, and whether the count settles at 40 or 50.
Information, not investment advice. This story is general information about companies and markets, drawn from cited reporting. It is not a recommendation to buy, sell or hold any security; check the cited sources before acting.
Clarity's read
What the record supports and how the coverage leans. The claims behind it follow.
Reality
- Evidence58
- Adoption50
- Hype gap+30
- Incentives65
- Confidence62
Perspective Coverage
3 publishers- Builder
- Builder 13%
- Operator
- Operator 32%
- Investor
- Investor 55%
Claim ledger
Ranked by verification strength, evidence, and original report placement.
- [1]
Circle plans to enter about 40 emerging and developing countries, CEO Jeremy Allaire told Reuters.
- [2]
USDC circulation rose 19% year over year to $73.3 billion in the second quarter of this year.
- [3]
Circle holds roughly 25% of the global stablecoin market, while Tether's USDT commands nearly 60%.
- [4]
The $400 million Tazapay acquisition is expected to close in 2027, pending approvals.
- [5]
Circle agreed to buy Singapore-based payments firm Tazapay for $400 million, giving it access to local banking and payment networks across more than 100 markets.
- [6]
The target regions are Southeast Asia, Latin America, Africa and the Middle East, and Allaire spoke on the sidelines of the IMF and World Bank meetings in Bangkok.
- [7]
USDC has about $72.6 billion in circulation, according to CoinDesk data.
- [8]
Circle's expansion is backed by a $100 million strategic investment from Binance.
- [9]
Circle became one of the first stablecoin issuers to hold a federal bank charter in July.
- [10]
The US GENIUS Act is expected to take effect in January 2027.
- [11]
CoinDesk's headline says Circle targets 40 new markets, while its summary bullet says about 50 emerging and developing markets; CNA and Crypto Briefing both say about 40.
- [12]
USDC circulation a year before the second quarter was about $61.6 billion.
- [13]
Tether's lead over Circle in market share is about 35 percentage points.
- [14]
CoinDesk's $72.6 billion figure is $0.7 billion, or about 1%, below the $73.3 billion second-quarter figure.
- [15]
Banking coalitions in the US and European markets are moving to develop and deploy their own stablecoins and digital asset solutions.
- [16]
"that transition is essentially moving from the early adopter phase of blockchain technology into the mainstream scaling phase"
- [17]
"There's a very, very long time where the banking industry fought successfully to keep other people out, and I think they are no longer in charge, and the innovators are having their day," he said.
- [18]
Allaire said markets in Southeast Asia, Latin America, Africa and the Middle East are seeing rising organic demand for stablecoins.
- [19]
For Circle, entering more markets means competing directly with banks and payment companies for a share of the cross-border money market.
- [20]
Allaire said a surge in machine-to-machine transactions among AI agents, which make fractions-of-a-cent payments when doing web research or scraping real-time data, has propelled USDC use.
- [21]
A 25% share equal to $73.3 billion implies a total stablecoin market near $293 billion.
- [22]
Tether at 60% of a $293 billion market would be about $176 billion.
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Sources
2 independent publishers whose own reporting we read for this story.
- channelnewsasia.comStablecoin issuer Circle to push into 40 new markets, CEO says
1 article · October 16, 2026
- coindesk.comCircle targets 40 new markets as stablecoin demand grows globally
1 article · October 16, 2026
- cryptobriefing.comCircle targets 40 new markets as stablecoin demand surges globally
1 article · October 16, 2026
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Topics
- Emerging-market fintechFollow
- Stablecoin RegulationFollow
- StablecoinsFollow
- Cross-Border PaymentsFollow