Circle CEO: Hong Kong Key Hub for USDC Cross-Border Payments
Circle Internet Group CEO Jeremy Allaire has identified Hong Kong as a crucial hub for USDC cross-border payments, citing surging stablecoin inflows via the Circle Payments Network (CPN). In an interview, Allaire noted that payments into Hong Kong are among the most popular routes for cross-border settlements, driven by the city's role as a central trade hub. Circle recently partnered with Hong Kong-listed OSL Group to expand USDC offerings and is seeking regulatory approval for USDC as a foreign stablecoin in Hong Kong. However, Allaire stated that Circle does not plan to issue a Hong Kong dollar stablecoin. In 2024, Circle also signed an MOU with HKT to explore blockchain-based loyalty solutions for merchants in Hong Kong.
Key facts
- Circle Internet Group operates USDC, the world's second largest stablecoin.
- Jeremy Allaire is co-founder and CEO of Circle.
- Hong Kong is described as a central trade hub for stablecoin adoption.
- Payments into Hong Kong are a top route for cross-border settlements on CPN.
- Circle partnered with Hong Kong-listed OSL Group in late April to expand USDC.
- Circle hopes USDC will be approved as a foreign stablecoin in Hong Kong.
- Circle does not intend to issue a Hong Kong dollar stablecoin.
- In 2024, Circle signed an MOU with HKT for blockchain-based loyalty solutions.
Entities
Institutions
- Circle Internet Group
- OSL Group
- HKT
- Circle Payments Network (CPN)
- NYSE
Locations
- Hong Kong