Circle has announced a strategic partnership with MHC Digital Group, led by venture capitalist Mark Carnegie, to bring its stablecoin, USDC, to Australia and the broader Asia Pacific region. This collaboration aims to increase USDC's distribution in the area and explore various institutional use cases, leveraging Carnegie's company offices in Australia and Singapore.
According to Circle's Chief Business Officer, Kash Razzaghi, the Asia Pacific region is at the forefront of digital asset adoption due to its young, mobile-first population and readiness for digital wallets. Circle's expansion is evident in its recent relocation to New York City and its planned initial public offering, valued at approximately $5 billion. The company has also made USDC available to investors in Mexico and Brazil through the banking system and has become the first global stablecoin issuer licensed to offer dollar- and euro-pegged crypto tokens in the European Union. With a market cap of $35 billion and a 24-hour trading volume of $7.87 billion, USDC is the second-largest stablecoin, behind USDT.
MHC Digital Group will work with Circle to provide USDC access to wholesale clients across Australia, potentially helping superannuation funds avoid significant bank fees. The partnership may also lead to the creation of an Australian dollar stablecoin in the future. Mark Carnegie emphasized that crypto offers a more efficient and cost-effective solution for international payments, and he believes Circle is well-positioned to be a long-term winner in the regulated stablecoin space.