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Circle Enlists FIS, Crypto.com for Merchant Payments Settled in USDC
The deal with FIS Worldpay is meant to free firms from the “fiat-only ecosystem.”
Updated May 11, 2023, 5:57 p.m. Published Apr 6, 2022, 1:11 p.m.
Merchants who use fintech company FIS can now receive settlement directly in USDC after an arrangement with the stablecoin’s operator, Circle.
- The tie-up with FIS Worldpay, a card-to-crypto processor, lets businesses stay in the realm of crypto without having to cash out to fiat. USDC is backed by reserve assets and designed to stay pegged to the value of $1.
- In a joint statement, Circle and FIS said the move is meant to grease the gears of crypto adoption by letting firms “directly receive, hold, and transfer stablecoins in a fast and efficient manner.”
- USDC is the second-largest stablecoin by market capitalization, with over $51 billion in circulation across multiple blockchains.
- Crypto exchange Crypto.com will run a pilot for the USDC settlement initiative, according to a statement Wednesday.
- Recently, BNY Mellon and Circle worked out a custody pact with BNY Mellon serving as the “primary custodian” for the reserve assets behind the USDC stablecoin.
Read more: BNY Mellon to Custody Assets Backing Circle's USDC Stablecoin
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