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Jeremy Allaire, the Chief Executive Officer (CEO) of Circle, a prominent blockchain company, has projected that a substantial portion, potentially

Jeremy Allaire, Circle CEO, confirmed that USD Coin (USDC) saw more redemptions than issuance over the past month, according to an Aug. 7 tweet. Allaire stated that Circle issued $5 billion worth of USDC over the past month, with redemptions surpassing issuances by $1.6 billion, totaling $6.6 billion.

Binance's Proof-of-Reserve (PoR) shows that the crypto-exchange sold its USDC stablecoin reserves to buy about 100,000 BTC and 550,000 ETH. The equivalent of about $3.5 billion in the two major crypto assets was executed during the period from 12 March to 1 May 2023.

In a recent report, Circle CEO Jeremy Allaire made a remarkable revelation about the adoption of USD Coin (USDC), stating that 70% of its adoption originates from countries outside of the United States.

Circle CEO Jeremy Allaire has refuted that the firm focuses solely on the American market. In a tweet on Monday, Allaire asserted that a substantial portion of their business comes from abroad.

Indeed, Allaire writes that “despite the hype that we are all in the US,” in fact the largest use of USDC occurs outside the US itself.

In its recent Proof of Reserve (PoR) disclosure on August 8th, Binance unveiled a significant reduction in its USDC balance from $3.4 billion on March 1 to $23.9 million on May 1.

The reported lack of traction in the United States hasn't slowed Circle's CEO from lobbying in Washington however.

Binance's depleting USDC reserves has become a hot topic in the crypto ecosystem, especially after Coinbase CEO's quip during the company's Q2 earning call.

Jeremy Allaire, the CEO, and co-founder of Circle, has challenged prevailing assumptions about USDC adoption trends, revealing that most usage occurs outside the United States. Contrary to common belief, the fastest-growing economies in Asia, Latin America, and Africa are proving particularly receptive to the stablecoin.

Jeremy Allaire, the CEO of Circle, recently took to Twitter to highlight the robust transparency measures underlying USDC, a stablecoin pegged to the US Dollar. Over the past month, Circle has issued $5B USDC and redeemed a notable $6.6B of the same. USDC Liquidity.

During a recent meeting where Coinbase, a big platform for cryptocurrencies, talked about their financial performance, Brian Armstrong, their leader, shared something interesting. He said that Binance, another important cryptocurrency exchange, has been moving some of its money from a stablecoin called USD Coin (USDC) to a different stablecoin.

Major stablecoin issuers Tether and Circle are focusing on non-U.S. markets where adoption is growing.

Cryptocurrency payments have been increasingly widespread in recent years, with their use spreading to nearly every market. A use case of cryptocurrencies that has seen particular growth is in crypto donations and the Singapore Red Cross has now taken the plunge.

Binance has been experimenting with relatively lesser-known stablecoins after a pause on BUSD.

In a recent Q2 earnings call, Coinbase CEO Brian Armstrong startled everyone by revealing that Binance, a major cryptocurrency exchange, had sold its entire USDC stash. Many are questioning why Binance would do this and how it will affect the Bitcoin market.

The U.S. Senate recently passed a defense bill that could change the game for stablecoins like Circles USD Coin (USDC) and other digital assets. Mark Palmer, an analyst at Berenberg, brought attention to an amendment in the 2024 National Defense Authorization Act (NDAA) in a July 31 investment note.

Coinbase beat analyst estimates by posting $707.9m in revenue for the second quarter of 2023 compared to $808.3m a year ago.

The stablecoin market has seen a drastic shift in market share year-to-date, with Tether (CRYPTO: USDT) taking the lion's share of the pie. What Happened: USDT's market share has increased by over 25% to $83.7 billion in the past year, while USD Coin (CRYPTO: USDC)'s market share has decreased by over 40% to $25.82 billion, according to data from DefiLlama.

Second largest stablecoin USD Coin (USDC) issued by fintech heavyweight Circle has seen its market capitalization falling for 13 consecutive months. Meanwhile, its main competitors are eating USDC's share of the stablecoin segment.

The crypto exchange reports earnings for the second quarter of 2023 after the market closes on Thursday.

The CEO of startup Utopia Labs believes that the widespread adoption of seamless crypto payments may still be a decade away. However, that hasn't stopped the company from taking strides to expedite this future through its latest initiatives.

A proposed U.S. national defense bill could subject stablecoins issuers to KYC and AML requirements they would be unable to comply with, said Berenberg analyst Mark Palmer.

The continuing negativity coupled with growing competition could make it just a bit difficult for USDC to turn things around.