Adoption is a key expectation of crypto communities. USDC has begun this journey. A growing number of countries will adopt crypto products and the industry will thrive in utility and value. That’s why the reports of adoptions always evoke a sense of satisfaction in enthusiasts.
Based on the number of transactions, global cryptocurrency adoption has been highest in 2020 and 2021. From quarter three in 2021, to quarter 3, 2022, crypto adoption was slightly lower due to the difficult market conditions.
The market is still resilient, so long-term investors in crypto continue to hope for better results. To enable widespread adoption of cryptocurrency globally, the Crypto Industry Stakeholders explore a wide range of options.
The most recent report revealedTBD, which is a Block Inc. subsidiary, formed a partnership with Circle to collaborate on open-source technology. This partnership also promotes the use and adoption of digital currency for international transactions.
Details of the TBD Circle Collaboration
TBD allows you to develop products and services using decentralized technology. TBD will connect decentralized financial systems and traditional payment methods to create digital currencies through its products.
Block Inc. was founded in 1995 by Jack Dorsey, and Jim McKelvey. Block includes many subsidiaries like Square, Cash App and Afterpay. The company’s subsidiaries are majorly payments Platforms. Tidal, a digital streaming music company, is also owned by the company. Block invested 1 percent of its assets in Bitcoin for 2020.
TBD published a tweet on September 29 announcing its partnership of Circle for cross-border money transfer and self-custody USDC stablecoin. The Circle is a global tech company which helps developers and companies to harness the potential of digital currency for internet commerce and payment.
TBD and Circle will undoubtedly benefit the cryptocurrency industry. Emily Chiu (chief operating officer at TBD) believes that BTC could be a reserve currency, and may challenge USD in the near future. Chiu believes that stablecoins will be the bridge between USD future and BTC future.
TBD will Support USDC Usecases for Cross-border Transfers
TBD will support USDC use cases in the collaborative. These use cases would enable developers to build on Block’s tbDEX protocol and Web5 decentralized identity platform.
These use cases can include self-custody USD stablecoin wallets and global, real-time and cheap remittance. These use cases will allow consumers and businesses to pay traditional bills using digital assets.
In the current US Feds’ monetary tightening policy and inflation, currencies of many countries have devaluated. The stablecoins can now be used to remit money or as savings options.
TBD intends to support remittance in the United States and Mexico, targeting India, and the Philippines, the world’s largest remittance recipients. Mexico gets 95% of US remittances.
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