Circle announced a strategic partnership with Mastercard to employ USDC for the facilitation of converting cryptocurrency to fiat currency. The use of USDC will increase the ability of cryptocurrency businesses and card issuers to allow their customers to spend their crypto assets. At present, there is a total of $25 billion worth of USDC in circulation. The cryptocurrency witnesses a huge transaction volume on-chain that is worth over $785 billion. The new partnership policy will enable the conversion of cryptocurrency assets into USDC before settlement with US Dollar.
The partnership seeks to use USDC to enable card issuers to settle Mastercard payments more conveniently. Through the partnership, the two platforms will drive the world into an improved and more efficient web-based financial infrastructure. The engagement between Circle and Mastercard will improve the cryptocurrency card program of cryptocurrency exchange forums, making it more convenient for partners to convert crypto to fiat. Mastercard announced that the partnership with Circle would enable its card program to be a part of crypto exchange forums and wallets. The company is working even further to ease the process of converting cryptocurrency to fiat currency by creating an all-star group through multiple partnerships with Blockchain-based platforms like Evolve Bank & Trust and Paxos.
According to Jeremy Allaire, the Co-Founder and CEO of Circle, the collaboration between Mastercard and Circle will reinforce the significant role of USDC in e-commerce and online payment. The CEO is hopeful that the USDC coin would create a bridge between established networks of payment and digital currency payment systems. It is the primary objective of the collaboration to simplify the process of card offerings for crypto-based corporations. The increasing adoption of stablecoin in the US has urged the government to take quick action for the regulation of USDC to protect national security and the country’s economy.