Stablecoins are helping to maintain dollar supremacy as international users drive demand for dollar-denominated cryptocurrencies.

The trend stands in contrast to narratives that depict crypto as a threat to the dominance of US dollars.

Non-US Markets Drive Demand For Dollar-Pegged Stablecoins

In comments this week, Circle CEO Jeremy Allaire reported that 70% of demand for USDC comes from outside the US. 

Noting that the fastest growth in adoption has been observed in emerging markets, he said that “demand for safe, transparent digital dollars is strong,” across Asia, LATAM, and Africa.

The largest stablecoin issuer, Tether, has also emphasized emerging markets as central to the continued adoption of USDT.

According to the firm, people in countries with volatile domestic currency use stablecoins to hedge against inflation without needing a USD-based bank account or holding cash.

Stablecoins Can Help Maintain Dollar Supremacy Says Ex-Binance Exec

In an interview with CNBC on Friday (Aug. 11), Brian Brooks, the former CEO of Binance US, discussed rising international demand for dollar-pegged stablecoins:

“Citizens in countries that have high inflation are really strongly demanding dollar-denominated products to keep

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Author: James Morales

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