Circle’s partnership with MHC Digital aims to expand USDC’s presence in Australia and the Asia-Pacific, exploring future stablecoin developments.
Circle, the issuer behind the USD Coin USDC $1.00 24h volatility: 0.0% Market cap: $71.54 B Vol. 24h: $12.98 B stablecoin, has taken a major step in its global expansion, announcing a partnership with venture capitalist Mark Carnegie’s MHC Digital Group. The collaboration aims to increase the adoption of USDC in Australia and across the Asia-Pacific region.
The move comes at a time when the demand for digital finance solutions is growing rapidly in regions with a tech-savvy, mobile-first population. According to last year’s reports, Australia recorded a 56% jump in crypto adoption between 2020 and 2021.
As per the announcement, MHC Digital, with offices in Australia and Singapore, will work closely with Circle to provide USDC access to wholesale clients. The move offers alternatives to traditional banking methods that are often burdened with hefty fees. There is also the possibility of developing an Australian dollar-pegged stablecoin in the future, as per the 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 issuer has also expanded its reach in other regions, such as Mexico and Brazil, where USDC has been made accessible through local banking systems, not just via cryptocurrency exchanges. Additionally, Circle became the first issuer to offer both dollar- and euro-pegged stablecoins in the European Union (EU).
Mark Carnegie, the Founder and Executive Chairman of MHC Digital Group, noted the efficiency and cost-effectiveness of cryptocurrency, particularly USDC, in international transactions.
“People claim there is no use case for crypto, yet hundreds of billions move globally at a fraction of the cost of traditional payment infrastructure. Crypto is simply a better mousetrap for the vast majority of international payments,” Carnegie said. He also noted that Circle’s commitment to regulated stablecoins makes it a leading candidate in the stablecoin market, positioning it for long-term success.
Stablecoins have seen explosive growth in recent years. For instance, USDC is currently boasting a market cap of $35.3 billion, marking a 40% increase in the past year. However, it remains second to Tether’s USDT, which leads the stablecoin market with a capitalization of $119.6 billion.
Beyond its partnership with MHC Digital, Circle has made other strategic moves to boost USDC adoption. Last year, Mastercard backed the Australian fintech firm Stables in allowing USDC users to make payments anywhere Mastercard is accepted. Additionally, Circle has formed alliances with global players like Sony Blockchain Solutions Lab to further expand the utility of USDC.
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