Circle Sees ‘Tremendous Opportunity’ for Collaborations as Stablecoin Adoption Grows

Circle Internet Group CEO Jeremy Allaire reportedly said Friday (June 13) that the stablecoin issuer sees opportunities to partner with a wide range of companies.

“It’s a tremendous opportunity as the world connects to this new form of currency on the internet,” Allaire told Bloomberg Television Friday in an interview. “We see tremendous opportunities to collaborate with major technology firms, major payments companies, major financial institutions, and we already do.”

Bloomberg reported that on Friday, Circle’s shares were up about 15% for the day and 300% since the company went public last week.

The report also noted that stablecoin legislation is moving through the U.S. Congress, that Shopify said Thursday (June 12) that it will enable merchants to accept Circle’s USDC stablecoin for payments, and that it was reported that Amazon and Walmart are considering using stablecoins.

The stablecoin economy is a movement as consequential as the internet boom and as disruptive as the arrival of credit cards, PYMNTS reported Friday. No longer just a crypto phenomenon, stablecoins are rapidly becoming a new form of corporate infrastructure, deployed by banks, retailers and governments alike.

Circle said Thursday that it partnered with blockchain firm Ripple to bring Circle’s USDC stablecoin to Ripple’s XRP Ledger (XRPL) blockchain.

Circle Chief Product and Technology Officer Nikhil Chandhok said in a press release that bringing USDC to the XRPL blockchain “unlocks new possibilities for developers to build seamless, real-world financial applications” and that USDC will “help drive utility and innovation across the XRPL ecosystem.”

Also on Thursday, Shopify began rolling out its feature that enables merchants to accept USDC stablecoins within their existing payment and order fulfillment flows.

Shopify said this new capability will make it easier for merchants to tap into global markets.

On Wednesday (June 11), digital identity company World said it expanded its partnership with Circle, with Circle’s USDC and CCTP V2 (Cross-Chain Transfer Protocol) going live on World Chain.

“Almost two million humans on World already held bridged USDC in their World App wallets,” World said in a press release. “It’s now upgraded to native USDC issued directly by Circle. World is uniquely globally distributed with over 27 million users in over 160 countries.”