NYSE-listed financial technology services provider, FIS announced today that Worldpay will offer merchants the ability to receive settlements directly in USDC, one of the world’s most valuable stablecoins.
With that, Worldpay will become the first international merchant acquirer to offer such settlements. FIS has formed a collaboration with Circle, the fintech firm behind USDC. According to the companies, the recent partnership will boost the adoption of digital currencies among businesses.
Crypto.com, a prominent crypto trading platform and one of the most valuable companies in the digital asset ecosystem, will act as a pilot customer for the USDC settlement proposition offered by Worldpay.
Nabil Manji, the SVP and Head of Crypto and Web3 at Worldpay from FIS, believes that efficient and convenient crypto solutions are necessary for the adoption of the emerging asset class. “Cryptocurrencies, for the most part, tend to be quite volatile and lack the ability to redeem at a predictable exchange rate in large quantities. That is why USDC is so popular among consumers who use crypto exchanges, and why it is so appealing to traditional merchants and other corporates,” Manji said.
USDC
According to the recent data published by Coinmarketcap, more than $51 billion worth of USDC is in circulation. In terms of market cap, USDC is the 5th most valuable digital asset in the world and the second most valuable stablecoin after Tether (USDT). Through the adoption of USDC, traditional merchants can take advantage of fast settlements.
“Integrating with Worldpay is a major step for Circle, USDC, and the fintech sector as a whole,” said Jeremy Allaire, the Co-Founder and CEO of Circle. “It is a glimpse into a future where value is exchanged frictionlessly, all possible because we’re building the next generation of financial solutions.”
Last year, Circle raised $440 million to accelerate its expansion.
