Circle, the company behind the second-largest stablecoin USDC, is planning to expand into the Asian market, particularly Hong Kong, which is aiming to become Asia’s crypto hub. Circle is waiting for new stablecoin regulations to be introduced in Hong Kong before applying for a local license. Hong Kong offers advantages for stablecoin development, such as same-day USD settlement capabilities, and Circle will be competing with Chinese e-commerce giant JD.com for a HKD stablecoin in the market.
Hong Kong has also welcomed the launch of spot Bitcoin and spot Ether ETFs, showing strong regulatory acceptance for crypto investment products. In addition to Hong Kong, Circle is also eyeing expansion into Australia and the Asia Pacific. The company is still planning an IPO, as CEO Jeremy Allaire confirmed, but there are no immediate plans for additional funding from the private market.
