Circle plans a push into about 40 emerging markets as Jeremy Allaire says "the world will have legal digital dollars" once the GENIUS Act takes effect, while Circle's stock drops 5%

Circle is taking USDC to the parts of the world where dollars are hardest to get. Chief executive Jeremy Allaire told Reuters on Friday that the company plans to enter about 40 emerging and developing markets, pointing to rising demand from individuals and businesses in Southeast Asia, Latin America, Africa and the Middle East. He was speaking on the sidelines of the International Monetary Fund and World Bank meetings in Bangkok.

The expansion rests on two recent deals: Circle's $400 million acquisition of Singapore-based payments firm Tazapay, which CoinDesk says gives it access to local banking and payment rails in more than 100 markets, and a $100 million strategic investment from Binance.

Allaire framed the moment as an inflection point for the industry. "When the Genius Act goes into law, the world will have legal digital dollars," he said of the US stablecoin statute, which Reuters reports is slated to take effect next January. Circle became one of the first stablecoin issuers to hold a federal bank charter in July. He also said payments by AI agents, often fractions of a cent for tasks such as web research, are boosting USDC use, and welcomed bank-led stablecoin projects in the US and Europe as a sign of a competitive market.

The numbers behind the plan: USDC circulation grew 19% year on year to $73.3 billion in the second quarter, about a quarter of the stablecoin market, while Tether's USDT holds nearly 60%, according to Reuters. Investors were less enthused on the day. Circle's shares closed at $82.25 on Friday, down 5.43%, CoinDesk reported.