Circle partners MHC Digital Group as the stablecoin issuer works to increase the adoption of USDC in the Asia-Pacific region and Australia.
Circle, the organization responsible for the USD Coin stablecoin, has recently partnered with MHC Digital Group, a venture capital firm founded by Mark Carnegie. This partnership represents a significant advancement in Circle’s global expansion. The objective of the collaboration is to enhance the adoption of USDC in Australia and the Asia-Pacific region.
The decision is made when the demand for digital finance solutions is increasing rapidly in regions with a tech-savvy, mobile-first population. Australia experienced a 56% increase in crypto adoption between 2020 and 2021, as indicated by the reports from the previous year.
As per the announcement, Circle will collaborate with MHC Digital, which has offices in Australia and Singapore, to offer wholesale clients USDC access. The movement provides alternatives to conventional banking methods that are frequently burdened with substantial fees. According to the reports, it is also feasible to establish an Australian dollar-pegged stablecoin in the future.
USDC broadens its global presence
Circle’s expansion into Australia is one component of its overarching global strategy. The company has been steadily expanding, and it recently relocated its headquarters to the iconic One World Trade Center in New York City in anticipation of its forthcoming initial public offering (IPO).
USDC has been made accessible through local banking systems in other regions, including Mexico and Brazil, as well as cryptocurrency exchanges, as the stablecoin issuer has also broadened its reach. Furthermore, Circle was the first issuer to provide stablecoins pegged to the dollar and the euro in the European Union (EU).
Mark Carnegie, the Executive Chairman and Founder of MHC Digital Group, observed the cost-effectiveness and efficiency of cryptocurrency, particularly USDC, in international transactions.
“Despite the assertion that there is no practical application for cryptocurrency, hundreds of billions are transferred globally at a fraction of the cost of conventional payment infrastructure.” Carnegie stated, “Crypto is a more effective mousetrap for most international payments.” Additionally, he observed that Circle’s dedication to regulated stablecoins establishes it as a prominent contender in the stablecoin market, thereby ensuring its long-term success.
In recent years, stablecoins have experienced rapid expansion. For example, USDC’s market capitalization has increased by 40% over the past year to $35.3 billion. Nevertheless, it is ranked second to Tether’s USDT, which has a capitalization of $119.6 billion and is the leader of the stablecoin market.
In addition to its collaboration with MHC Digital, Circle has implemented additional strategic initiatives to increase the adoption of USDC. Last year, Mastercard supported the Australian fintech company Stables by enabling USDC users to make payments at any location where Mastercard is accepted. Furthermore, Circle has established partnerships with global organizations such as Sony Blockchain Solutions Lab to enhance the functionality of USDC.
