Circle sets sights on Hong Kong, sees 'enormous demand for digital dollars'

Quick Take

  • Circle CEO Jeremy Allaire is paying close attention to regulatory developments in Hong Kong.
  • Allaire says Asia is a “huge area of focus.”

Circle is joining the growing list of crypto firms setting their sights on Asia. 

The company, which is best known for launching the stablecoin USDC, is paying close attention to regulatory developments in Hong Kong, chief executive officer Jeremey Allaire said during an interview with Bloomberg Television at the World Economic Forum in Tianjin, China. 

Hong Kong, which saw new rules related to crypto exchanges go into effect on June 1, was historically an epicenter for crypto firms with BitMEX and Bitfinex historically having a big presence in the region. The ongoing U.S. crackdown on crypto firms appears to be providing a fresh appeal for the jurisdiction. 

"Hong Kong is clearly looking to establish itself as a very significant center for digital assets markets and stablecoins and we are paying very close attention to that," Allaire told Bloomberg, adding that Asia is a "huge area of focus."

"We see enormous demand for digital dollars in emerging markets and Asia is really center of that," Allaire said.

The remarks come after Circle snagged a digital token license in Singapore. Elsewhere, Gemini has said it plans to hire more than 100 employees in Asia as part of its own expansion in the region. Crypto firm FalconX also plans to expand into Asia, having also applied for Singapore's digital token license, Bloomberg reported. 

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