Circle’s New Singapore Hub to Enhance USDC Use in Asia

Tether seems to be a regional favorite, but regulated Circle wants to change that.

article-image

Singapore skyline. Source: Shutterstock

share
  • Circle announced today that its building out its Asia hub in Singapore, in conjunction with the Monetary Authority of Singapore
  • Circle began hiring across Asia earlier this year, as USDC gains marketshare against the dominant player, Tether

Circle, the issuer of the USDC stablecoin, announced today that it has begun the process of establishing a regional hub in Singapore, working with the Monetary Authority of Singapore to acquire the required licenses to set up shop. 

“You cannot build an always-on, global internet finance business without considering Singapore as a hub,” said Dante Disparte, Circle’s Chief Strategy Officer and Global Head of Policy.

“The Monetary Authority of Singapore (MAS) has been an extraordinary regulatory partner as we have looked to expand our business horizons and invest in the Singaporean market.”

Jeremy AllaireJeremy Allaire

In a press release, Circle said it is looking for partners to experiment in stablecoin innovations in the Singapore market as part of a Lighthouse Project, with MAS observing and guiding project design.

“MAS has always been at the forefront of fintech innovation,” said Jeremy Allaire, Co-founder and CEO of Circle. “We are honored to work with MAS and look forward to collaborating with Singaporean businesses on our innovation initiatives.”

Circle started hiring for the hub earlier this year, as Blockworks previously reported. Within Asia, Stablecoin usage is notably high, with unregulated Tether making up most of the volume. 

USDT vs USDC and the centralized stablecoin landscape

Recently, Aymeric Salley, the co-founder of StraitsX, which issues XSGD, a Singapore-dollar based stablecoin, forecast that in the future USD-issued stablecoins will eventually only represent 50% or less of the total stablecoin value in circulation. That being said, the market so far has strongly signalled support for USD-denominated stablecoins — or their proxies — given the US currency’s liquidity.

According to Coingecko, USDT today has a total market cap of $74.7 billion, compared to $34.5 billion for USDC. Data analytics firm Nansen shows $4.8 billion of the USDT supply on the Binance exchange alone, while the balance of USDC on Binance is $3.2 billion. However, on decentralized exchanges, USDC has the edge, with $1.5 billion circulating within Curve Finance and $950 million on Uniswap, compared with $978 million and $425 million for USDT respectively.

Binance’s native BUSD, which is administered by Paxos, is a distant third at $13.1 billion, however Nansen shows that nearly 98% of that supply is on Binance itself, where many digital assets trade against BUSD.

Macauley Peterson contributed reporting.


Get the day’s top crypto news and insights delivered to your inbox every evening. Subscribe to Blockworks’ free newsletter now.


Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 24 - 26, 2026

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Unlocked by Template (1).jpg

Research

As AI supercharges surveillance, privacy becomes a prerequisite and the winning stack will combine confidentiality with selective disclosure. Zcash’s Tachyon, composable standards on Ethereum/Solana, and compliance-aware pools aim to make private rails the new norm.

article-image

NYSE owner’s investment values the prediction market at $8–9 billion, signaling Wall Street’s entry into event-based trading

by Blockworks /
article-image

Pineapple begins deploying its $100 million Injective Digital Asset Treasury, staking INJ to earn yield and fund onchain mortgage ambitions

by Blockworks /
article-image

Staking levels in the ether funds will depend on protocol unstaking queue times and anticipated redemption activity, firm says

article-image

ETF inflows, miner strength, and tightening supply drive Bitcoin past its prior peak amid renewed demand for scarce assets

by Blockworks /
article-image

The Guidestar team, led by Alex Nezlobin, will join Uniswap Labs to enhance automated market maker design and smart order routing

by Blockworks /