- The turnaround in blockchain acceptance in Hong Kong is attracting some of the largest and most prominent firms in the industry, including Circle, the issuer of the USD Coin stablecoin, the second-largest stablecoin by market capitalization behind Tether .
Allaire noted that Asia is now “a huge area of focus” for cryptocurrency companies as the large populations and eagerness to integrate the latest technologies make the region ideal for blockchain and Web3 growth. “We’ve seen an enormous demand for digital dollars in emerging markets, and Asia is really central to that,” he said. “We are seeing very steady progress, obviously the Singapore regulators have been at the forefront of thinking about this.”
When asked if he thought that regulators and central banks were beginning to “come to grips” with the eventual integration of stablecoins and digital currencies into the global financial system, Allaire said, “They are.” As for what can help ensure the approval and integration of stablecoins into the global payment system, Allaire said, “The really key thing is a full-reserve model.”