Circle is going to invest in Japanese yen stablecoin as part of an expansion to Asia
The crypto market of Asia is growing at a tremendous rate. To take advantage of this opportunity, the United States-based company that issued USDC coins are targeting the Asian market. The company has decided to establish an investment firm named Circle ventures in Singapore. Additionally, to monitor and make an impact in the thriving Asian market, they have also decided to inaugurate a regional headquarter and that too in Singapore.
As disclosed from Bloomberg, the company’s CEO, Jeremy Allaire’s is right now planning to invest in Japanese yen stablecoin. The CEO further stated that the company sees an opportunity and strong implementation of Stablecoins in the lending and borrowing market. According to him, the high inflation rate will eventually force people to move into stablecoins in the future.
To take the things one step further, the company has already taken some decisions and is on the way to implementing them. Circle has already started hiring employees for their Singapore headquarters on an urgent basis. To jumpstart the adaptation of USDC as their first major business investment, Circle has also started working with the monetary authority of Singapore.