Circle will launch a stablecoin pegged to the Japanese yen
The new asset aims to meet demand from users in the Asian region
16.11.2021 - 07:30
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What’s new? Circle, the issuer of the popular USDC stablecoin, has announced plans to release a new asset. It's about a stable cryptocurrency pegged to the Japanese yen, Bloomberg reports.
News source on the agency's website
What is the main purpose of the launching? Circle CEO Jeremy Allaire believes that stablecoins will be in demand in the loan and lending markets. With this asset, customers will be able to hedge risks and protect funds against inflation.
“Many people want to hedge risks by buying bitcoin directly, but for corporate asset managers and corporate treasurers, it looks more interesting to add stabelcoins to the portfolio,” Allaire believes.
To implement these plans, Circle plans to open an office in Singapore and obtain a license from the local regulator to issue and operate the new stablecoin in the city-state.
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