Global fintech firm Hecto Financial held a lunch meeting on April 13 with Jeremy Allaire, founder and CEO of Circle, the U.S. issuer of stablecoin USDC, and reaffirmed their close partnership. Executives from major South Korean financial institutions and fintech firms also attended. Hecto Financial participates in Circle’s global payment network as the only domestic payment partner. Hecto Group is also a partner in Circle’s Arc public testnet.

Circle is expanding its influence in Europe’s stablecoin market with its euro-backed stablecoin EURC, prompting debate over whether the gains reflect product competitiveness or regulatory and policy shifts. DeFi analyst Ignas calls it “Europe’s failure” and says Circle benefited from MiCA, claiming it secured licensing and rapidly lifted market share. He also links the trend to digital euro discussions and argues Circle is pursuing a similar approach in the UK. Critics also question Circle’s response to a Solana-based Drift Protocol hack.