Circle has taken a significant step toward expanding its footprint in the Asia Pacific region with plans to introduce its USDC stablecoin to Australia. This initiative involves a strategic partnership with renowned venture capitalist Mark Carnegie and his firm, MHC Digital Group.
Circle’s Ambitious Expansion Plans
The announcement, made public on Tuesday, reveals that Circle aims to deploy USDC not only in Australia but throughout the wider Asia Pacific region. Carnegie’s MHC Digital Group has established offices in both Australia and Singapore, a move that positions them to enhance the distribution of USDC and explore various institutional use cases for the stablecoin.
“With its young, mobile-first, and digital wallet-ready population, the Asia Pacific region is ahead of the curve when it comes to digital asset adoption,” remarked Kash Razzaghi, Circle’s Chief Business Officer. “We are excited to work with MHC Digital to pave the way for a new era in digital finance in Australia and beyond.”
Circle’s recent activities underscore its ambition for global expansion. The company has already made headlines by relocating its headquarters to the iconic One World Trade Center in New York City in anticipation of an initial public offering (IPO) projected to achieve a valuation of approximately $5 billion. Just this month, USDC was made accessible to investors in both Mexico and Brazil via conventional banking channels, rather than being limited to cryptocurrency exchanges. Furthermore, Circle has cemented its position as the first global stablecoin issuer to receive licensing for the issuance of dollar- and euro-pegged crypto tokens within the European Union (EU).
Market Position of USDC
Circle’s USDC currently stands as the second-largest stablecoin in the cryptocurrency market, following Tether’s USDT. – Market Capitalization: $35 billion
- 24-hour Trading Volume: $7.87 billion (source: CoinDesk)
In collaboration with Carnegie’s MHC Digital Group, Circle is set to expand USDC’s accessibility to wholesale clients across Australia. This initiative has the potential to offer superannuation funds a way to navigate high fees associated with traditional banking services. Additionally, discussions are underway regarding the prospects of launching an Australian dollar stablecoin, as noted by Carnegie in an interview with The Australian Financial Review.
“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,” commented Mark Carnegie, Founder and Executive Chairman of MHC Digital Group. “Crypto is simply a better mouse trap for the vast majority of international payments. Circle is the obvious candidate to be the long-term winner in the regulated stablecoin space, and we are very excited to work together to expand access to USDC in Australia and beyond.”
As Circle continues to broaden its reach, the collaboration with MHC Digital Group marks a crucial milestone in its mission to enhance digital finance, ensuring that USDC’s benefits can be leveraged by a diverse array of clients in Australia and surrounding nations.