As part of the Asian expansion, the USDC stablecoin issuer is about to open a venture capital unit focused on the Japanese currency and will launch a corresponding stablecoin.
Circle CEO Jeremy Allaire told Bloomberg that the company is creating an investment arm of Circle Ventures. This will allow the VC division to focus on the Japanese yen-denominated stablecoin.
Aller said the company sees significant opportunities in Asian markets, where he expects widespread adoption of stablecoins in borrowing and lending. He added that the inflationary environment and the search for profitability will primarily provoke the transition of markets to stablecoins.
“While many companies want to focus on investors who hedge risk by buying bitcoin directly, we think it will be very attractive for corporate wealth managers and other financial professionals to invest in stablecoins.”
In an effort to strengthen its presence in Asia, Circle selected Singapore to establish its regional headquarters. The company is recruiting employees to fill its Singapore headquarters and make USDC “one of the first global stablecoins licensed in Singapore.” The company is working with the Monetary Authority of Singapore to expedite the transition to USDC for the country’s major businesses.
In August, Circle and Coinbase, the Center consortium created a six-person team to build a “global stablecoin network” primarily in Asia and Africa.
