A digital dollar can move across the internet in seconds. Turning it into money people can spend locally is more complicated.
That gap helps explain why stablecoin issuer Circle is targeting about 40 emerging and developing markets.
Circle CEO Jeremy Allaire told Reuters the company sees a shift from early blockchain users toward wider adoption.
He pointed to growing interest across Southeast Asia, Latin America, Africa and the Middle East. Circle has not named the 40 markets or given a timetable for entering them, so the plan remains a target rather than a completed expansion.
What a stablecoin does
A stablecoin is a digital token designed to keep a steady value against another asset, often a national currency.
Circle’s USDC is designed to be redeemable for one U.S. dollar, subject to its terms and eligibility requirements.
Circle says each USDC in circulation is backed by an equivalent amount of dollar assets in reserve.
That structure is intended to make USDC less volatile than cryptocurrencies such as Bitcoin, though it does not remove every risk.
The token can be sent over supported blockchain networks without relying on the same operating hours as many traditional payment systems.
That can be useful for moving funds between businesses or across borders. But a digital transfer is only one part of a payment.
People still need a reliable way to exchange USDC for local currency and receive it through a bank, payment provider or other regulated service.
That “last mile” is central to Circle’s expansion plan. In September, Circle agreed to acquire Singapore-based payments company Tazapay in a proposed $400 million stock deal.
Circle said the transaction could add more than 60 banking and fintech partners and payout coverage in over 100 markets.
The deal is subject to regulatory approvals and is expected to close in 2027.
Circle also announced a five-year commercial agreement with Binance, which includes a $100 million investment and a plan to expand USDC access, particularly in emerging markets.
Regulation and the route to local use
Rules will shape how quickly stablecoins can spread. The United States’ GENIUS Act became law in July 2025, creating a federal framework for payment stablecoins.
Regulators are working on implementing rules; the Office of the Comptroller of the Currency issued a proposed rule in February 2026.
Circle said in July that it had received final OCC approval to establish a national trust bank, though the bank must meet pre-opening requirements before it can begin operations.
For customers, clearer rules may help businesses and financial institutions assess how stablecoins are issued, backed and supervised.
But regulation differs by country. A service that can operate in one market may need a local license, banking partner or compliance process in another.
Wider availability will therefore depend on more than demand for digital dollars.
Circle’s USDC circulation
Circle’s USDC circulation reached $73.3 billion at the end of the second quarter, up 19% from a year earlier, according to the company.
That figure shows the scale of the network, but circulation alone does not show how much is being used for everyday payments in each country.
The next test is whether local businesses and payment providers can make USDC practical to use and convert.
Circle is also positioning stablecoins for software and AI agents that need to pay for digital services automatically.
Its Agent Stack supports tools for agents to hold funds and make USDC payments, including small payments for individual services.
That market is still developing, and automated transactions raise security questions: systems need safeguards against unauthorized spending, compromised accounts and malicious activity.
The 40-market push is therefore about building an operating network around USDC: local payment access, partners, regulatory permissions and secure technology.
If those pieces come together, stablecoins could become more useful for cross-border transfers and online commerce.
The announcement marks an expansion ambition; its practical impact will depend on how quickly Circle can make local access work.
