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2025 could bring stablecoins into the mainstream, after 2024 introduced a “turning point year in crypto,” according to Circle’s Allaire.
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Stablecoin issuer Circle is moving its global headquarters to New York City, ahead of the firm’s planned Initial Public Offering (IPO).
Circle, the issuer of the world’s second-largest stablecoin USDC (USDC), is moving into “one of the top floors of 1 World Trade Center.”
The move was announced by Jeremy Allaire, the co-founder and CEO of Circle, who wrote in a Sept. 13 X post:
“We are moving our Global HQ to New York City, building out a flagship space on one of the top floors of 1 World Trade Center, a historically important landmark in standing for American global economic leadership”
Circle announces headquarters move. Source: Jeremy Allaire
Stablecoin issuers like Circle provide the main on-ramp between the legacy fiat and the emerging cryptocurrency economy. Stablecoin issuers are crucial for the continued mainstream adoption of cryptocurrency.
Circle plans to move its global headquarters in early 2025. The stablecoin issuer filed for an IPO in January 2024, which could occur as soon as the Securities and Exchange Commission (SEC) approves.
Related: Bitcoin ’anxiety stage‘ risks more September losses, but there’s a silver lining
2024 was a turning point for crypto, but 2025 will take stablecoins mainstream
Circle’s entry into the “heart of Wall Street” marks a major milestone for the stablecoin issuer, coming 11 years after its founding. This move aims to advance the development of a decentralized internet and broaden the functionality of the US dollar.
The decision comes after a period of increased crypto adoption, that introduced the first spot Bitcoin (BTC) exchange-traded funds (ETFs) and Ether (ETH) ETFs in the US, both considered a history turning point for adoption.
Allaire wrote that these historic crypto industry developments could help stablecoins go mainstream during 2025.
“2024 has been a turning point year in crypto, a year when stablecoins started to truly breakout in scale, importance and usage. 2025 will be the year when this goes mainstream.”
Related: Solana liquid staking could 5x to $18B on retail investor adoption
The US crypto industry is at a “turning point” to become a global leader: Circle
The crypto industry in the world’s largest economy could be at a key turning point.
Despite widespread complaints of the US being a hostile jurisdiction for digital assets, Allaire expects it to become the global leader in the near future. He wrote:
“My view is that we are at a turning point and that the US is about to become THE decisive leader in building and supporting this technology and financial revolution.”
However, the 2024 presidential elections introduce additional uncertainty for cryptocurrency regulations, as the odds between the two leading candidates are nearly tied.
Presidential election winner, prediction market. Source: Polymarket
Former president Donald J. Trump is generally considered more innovation-friendly, partly due to the upcoming launch of his crypto platform, set for Sept. 16.
Trump vs. Harris: Who Would Be Better for Crypto? Source: YouTube
Magazine: Proposed change could save Ethereum from L2 ‘roadmap to hell’
This article first appeared at Cointelegraph.com News
