USDC Stablecoin Users Significantly Increase In Southeast Asia

USDC stablecoin published by Circle. (Photo; Doc. Coins.ph)

JAKARTA USDC, a stablecoin published by Circle, has experienced significant growth. The USDC 2024 Economic Report reveals the expansion of USDC usage, particularly in the Asia-Pacific region, which now receives 29% of the global digital currency value, exceeding North America by 19% and Western Europe by 22%.

In 2022, about $130 billion USDC, or around IDR 2,025 trillion (IDR 15,585,000 per US dollar), has flowed to Asia, marking the importance of digital currencies in remittance transfers.

This has had a huge impact on emerging markets such as the Philippines, which has a large diaspora. The collaboration between Circle and Coins.ph, a Philippine-based exchange, aims to utilize a remittance market worth up to $36 billion, or around IDR 561 trillion (IDR 15,585,000 per US dollar), annually.

Launching Coincu, the trade financing gap in Asia, estimated by the Asian Development Bank (The Asian Bank) reached $510 billion, or around IDR 7,948 trillion (IDR 15,585,000 per US dollar). This is a major challenge for small and medium enterprises (SMEs) in the region.

USDC, as a stablecoin-type crypto asset whose value is pegged to a US dollar value, offers access to the dollar in an easier, faster, and more efficient way for transactions on the internet. Coupled with its stable value unlike other crypto assets. This advantage has the potential to overcome this financial gap.

Since its launch in 2018, USDC has completed blockchain transactions worth around $12 trillion, or around IDR 186,780 trillion (IDR 15,585,000 per US dollar). This digital currency-wide adoption has encouraged the development of new applications, strengthened ecosystems around USDC, and simplified the acquisition, transfer and storage processes of digital currencies.