As a researcher who has been following the cryptocurrency market for quite some time now, I find myself impressed with Circle’s strategic moves in expanding its stablecoin, USDC. Having witnessed the growth of digital finance solutions and their increasing demand in regions like Australia, it is clear that partnerships such as the one with MHC Digital Group will significantly boost USDC adoption in the Asia-Pacific region.
Stablecoin USDC, valued at $1.00, has expanded globally by partnering with Mark Carnegie’s MHC Digital Group, a venture capitalist firm. This alliance intends to boost USDC adoption in Australia and throughout the Asia-Pacific area.
This strategic step coincides with an increasing need for digital financial services, particularly in areas where the populace is tech-oriented and mobile-centric. Data from last year indicates that Australia experienced a 56% surge in cryptocurrency usage from 2020 to 2021.
According to recent news, MHC Digital, a company operating out of both Australia and Singapore, is teaming up with Circle to grant wholesale clients access to USDC (a stable digital currency). This collaboration presents a viable alternative to traditional banking systems, which are typically saddled with high charges. Furthermore, there are indications that they may eventually develop an Australian dollar-backed stablecoin in the future, as suggested by various reports.
USDC Expands Its Global Footprint
Circle’s expansion into Australia is just one part of its broader global strategy. The company has been on a steady growth path, recently moving its headquarters to New York City’s iconic One World Trade Center in preparation for its upcoming initial public offering (IPO).
The stablecoin provider has broadened its influence in various areas, including Mexico and Brazil. Users in these countries can now access USDC not just through cryptocurrency platforms but also via local banking systems. Furthermore, Circle was the pioneer in offering both USD- and EUR-backed stablecoins within the European Union (EU).
As a researcher, I’ve taken notice of the efficiency and cost-effectiveness that USDC, a type of cryptocurrency, offers in cross-border transactions, as highlighted by Mark Carnegie, the Founder and Executive Chairman of MHC Digital Group.
According to Carnegie, while some argue that cryptocurrency lacks practical applications, a massive amount of money is transferred worldwide at a minimal cost compared to traditional payment methods. Essentially, crypto serves as an improved solution for most international transactions. Furthermore, he pointed out that Circle’s dedication to regulated stablecoins places it at the forefront in the stablecoin market, setting it up for enduring success.
In the last few years, the usage of stablecoins has skyrocketed. For example, USDC now holds a market value of approximately $35.3 billion, representing a 40% rise over the past year. Nevertheless, it still trails behind Tether’s USDT, which dominates the stablecoin market with a staggering $119.6 billion capitalization.
Beyond its collaboration with MHC Digital, Circle has also taken other strategic steps to increase the use of USDC. Last year, Mastercard endorsed the Australian fintech firm Stables, enabling USDC users to make payments at any location that accepts Mastercard. Furthermore, Circle has forged partnerships with international heavyweights like Sony Blockchain Solutions Lab to widen the application of USDC even more.
Read More
Sorry. No data so far.
2024-10-01 16:00