Circle’s co-founder and CEO, Jeremy Allaire, expects the new wave of Bitcoin exchange-traded funds (ETFs) to be approved as “past concerns” of regulators are being addressed.

“I believe progress is being made with more mature market structures that would support something like that. You have mature spot markets, well-regulated custody infrastructure, and good market surveillance,” he said during an interview with Bloomberg at the World Economic Forum. “Many of the past concerns are being addressed, suggesting that these kinds of products are more likely to be approved for general investor access.”

The U.S. Securities and Exchange Commission (SEC) has received multiple spot bitcoin ETF applications from blue-chip asset managers such as BlackRock (BLK) and Invesco (IVZ).

During the interview with Bloomberg, Allaire also said that Circle is seeing demand for digital dollars in emerging markets.

“Singapore regulators have been at the forefront of this, and Hong Kong is looking to establish itself as a significant center for the digital asset markets and stablecoins. We’re paying very close attention to that,” he said.