Bitcoin Dethroned? Circle CEO Says Stablecoins Will Fast-Track Yuan Globalization Efforts

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Circle (CRYPTO: USDC) CEO and co-founder Jeremy Allaire expressed his positive outlook towards the growth of Web3 in Hong Kong and the chances of mainland China’s opening up to cryptocurrencies. “The reality is that every other major financial market in the world is also embracing digital assets, and the biggest financial institutions in the world are embracing digital assets,” he told South China Morning Post. “So for Hong Kong to be relevant, it has to.” The Chinese government supports the development of Web3 in Hong Kong, but Allaire clarified that this doesn’t imply an imminent acceptance …

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