In a new report, Co-founder and CEO of payments startup, Circle revealed that they have seen explosive interest and growth in USDC, dollar-pegged stablecoin. 

While referring to the stablecoin which the firm issued in partnership with crypto exchange Coinbase, Jeremy Allaire, Circle CEO says:

“There is clearly very significant global demand for digital dollars, and the use of digital dollars as a new payment medium.”

It’s worth noting that the Circle had announced its business model solely to offer “stablecoin services” with the sale of the OTC trading desk in late 2019. The platforms stated that the new business model will begin from 2020 and soon after the announcement, the startup experienced new signups from several networks including recruiting platforms, e-commerce marketplaces, luxury good producers, peer-to-peer lending platforms, software firms, mobile banking providers, rewards businesses and other internet companies. 

As Coinspace reported earlier, there has been a significant surge in demand for stablecoin across several biggest crypto trading platforms, mostly from the Chinese crypto exchanges including Huobi, Binance, OKEx. However, Allaire said that “there are getting feedback from Asian market participants”. The feedback highlights the interest of USDC from small and medium-sized enterprises, seeking “both the safety and utility of digital dollars”. 

More so, Circle’s business account which enables corporate clients to conduct business using USDC is also reportedly surged by 700 percent over the past few weeks. Two-thirds of these corporates are from the outside of the crypto regime, the reports mentioned. Allaire’s view is that the ongoing crises are encouraging the mainstream adoption of blockchain tech, adding that they are “seeing a real turning point in the adoption of digital currency”. Allaire went on to say that:

“We’re seeing record amounts of transaction volume, noting that adoption “is relatively evenly distributed across Western and Asian markets.”

In contrast to bitcoin and other leading cryptos, stablecoin is designed to be stable in value against USD. Henceforth, the crypto stablecoin is on a hot demand during the lockdown time.