One of the USDC stablecoin operators, Circle, announced the launch of a Japanese yen-pegged stablecoin through the venture arm of Circle Ventures. As part of expanding its presence in Asia, the company will also open an office in Singapore, Bloomberg writes.
In an interview with CEO Circle, Jeremy Allair predicted the active adoption of stablecoins in the borrowing and lending markets. He believes that the driver of such a transition will be the desire of investors to secure funds from inflation.
“Many people seek to hedge such risks through direct purchase of bitcoin, but for wealth managers and CFOs it looks more attractive to include stablecoins in the portfolio,” he said.
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So Allair commented on the active promotion of Circle Yield, the company's crypto-saving product.
In Singapore, the firm intends to obtain a license from the local regulator. Circle is partnering with the local Monetary Authority on a project to bring USDC to large city-state businesses.
In general, the firm is ready to support teams that develop projects using stablecoins, including for payments and DeFi-protocols.