Circle Expands USDC Stablecoin to Australia in New Partnership

Circle has solidified a partnership with venture capitalist Mark Carnegie's MHC Digital Group to extend the reach of USDC stablecoin into Australia and the broader

Stablecoin issuer Circle has announced an expansion of its USDC stablecoin operations into Australia and the broader Asia Pacific region through a collaboration with venture capitalist Mark Carnegie’s MHC Digital Group. The partnership will leverage Australia and Singapore’s financial infrastructure to enhance USDC’s utility.

The initiative will see USDC pushed into wholesale markets in Australia and Singapore through MHC, a venture capital firm with a strong presence in both countries. This move is set to enable institutions to transact in USDC at lower costs and facilitate cross-border payments, offering an alternative to traditional banking channels.

“We are excited to work with MHC Digital to pave the way for a new era in digital finance in Australia and beyond,” said Kash Razzaghi, Circle’s chief business officer.

The partnership will also focus on tailoring the USDC stablecoin utility for institutional use, reshaping financial interactions across the region. This will include enabling efficiency for large-scale operations, such as superannuation funds that often face high bank charges.

The partnership follows Circle’s recent venture into the Australian market, where it teamed up with local neobank Up to integrate USDC into its services. The neobank will enable its customers to buy, sell, and hold USDC in their Up accounts.

Furthermore, the partnership is part of a broader effort by the firm to adhere to regulatory standards on a global scale. In July, the stablecoin issuer secured a regulatory license from the EU for its USDC and EURC stablecoins under the MiCA regulations. This move made Circle the first stablecoin issuer licensed to offer dollar- and euro-pegged tokens in the European Union.

Strategic Moves and Future Plans

As part of its global expansion strategy, Circle has recently relocated its headquarters to New York City’s iconic One World Trade Center and is preparing for an initial public offering that could value the company at around $5 billion.

This move underscores the company’s ambition to solidify its presence on the world stage. Moreover, just last month, Circle expanded the USDC stablecoin to Brazil and Mexico, enabling faster, cheaper access through local payment systems.

In addition to its expansion in the Asia Pacific, Circle has introduced the Compliance Engine, a new suite of products designed to support developers in adhering to complex regulatory frameworks while building on-chain financial services. This initiative aims to promote a safe and compliant ecosystem for crypto developments.

The firm also plans to facilitate bridged USDC on Sony’s newly launched Ethereum layer 2 blockchain, Soneium. This extension signifies the firm’s ongoing efforts to enhance the utility and accessibility of USDC in the digital asset landscape.

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