- Circle is expanding its USDC stablecoin operations into Australia and the Asia-Pacific region.
- Venture capitalist Mark Carnegie’s MHC Digital Group facilitates the USDC expansion.
Circle, the issuer of leading stablecoin USDC, has announced its expansion into Australia and the Asia-Pacific region, marking an important step in its global strategy. This move comes through a partnership with venture capitalist Mark Carnegie’s MHC Digital Group. Further, they aim to boost the utility of USDC by tapping into the strong financial infrastructure of Australia and Singapore.
Circle’s USDC is the second-largest stablecoin after Tether (USDT), and currently, it holds a market cap of $35 billion and a daily trading volume of approx. $6.25 billion, as per CMC data.
MHC Digital Group, known for its strong presence in Australia and Singapore, will assist USDC in entering wholesale markets. This partnership aims to significantly lower transaction costs and simplify cross-border payments for institutions. Together, they offer a promising alternative to traditional banking methods, bringing more efficient crypto solutions to the forefront.
Circle Expands USDC Access in New Markets
Earlier in September, Circle expanded access to the USDC stablecoin for investors in Mexico and Brazil through traditional banking channels, moving beyond just crypto exchanges. It also made history by becoming the first global stablecoin issuer licensed to offer dollar- and euro-pegged crypto tokens in the European Union.
In a related development, Sui, a Layer 1 blockchain known for its exceptional performance and scalability, has announced the upcoming launches of USDC and the Cross-Chain Transfer Protocol (CCTP) on its network. This new protocol is created to make USDC transfers between different blockchains secure and efficient, ensuring smoother transactions for users.
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