One of the expectations of the crypto community is adoption, a journey USDC has embarked on. As more countries adopt crypto and its products, the industry is thriving in terms of value and utility. That’s why adoption reports always evoke a sense of satisfaction among enthusiasts.
Following reports of cryptocurrency adoption from different countries year after year, 2020 and 2021 saw the world’s largest adoption based on transaction volume. However, from the third quarter of 2021 to 2022, crypto adoption has slightly flattened the challenging market conditions.
Despite the drop, however, the market has remained resilient and long-term crypto investors remain steadfast in hopes for better outcomes. Crypto industry stakeholders are trying to explore endless options to enable mainstream cryptocurrency adoption around the world.
A recent report revealed that TBD, a subsidiary of Block Inc., has entered into a collaboration with Circle to work on open-source and open-standard technologies. In addition, the partnership aims to promote the adoption of digital currencies for global transactions and financial applications.
Details of the TBD Circle collaboration
TBD is an open source platform that allows developers to build products and services on decentralized technologies. TBD plans to connect traditional payments and decentralized finance systems to promote digital currencies through its products.
Block Inc. is a multinational technology company founded by Jack Dorsey and co-founder Jim McKelvey. Block has many subsidiaries like Square, Cash App, Afterpay and many more. The Company’s subsidiaries are mainly payment platforms. It also owns a digital music streaming company called Tidal. Block invested 1% of its total assets in Bitcoin in 2020.
On September 29, TBD released a tweet announcing its partnership with Circle to support cross-border remittance and self-custody of USDC stablecoins. The Circle is a global financial technology company that helps businesses and developers explore the power of digital currencies for payments and e-commerce around the world.
The collaboration between TBD and Circle would undoubtedly bring benefits to the crypto industry. TBD Chief Operating Officer Emily Chiu believes BTC is a potential reserve currency and could challenge the USD in the future. Chiu also believes that stablecoins would become the bridge between USD and BTC futures.
Bitcoin on track to close above $19,500 l BTCUSDT on Tradingview.com
TBD to support USDC use cases for cross-border remittances
As part of the collaboration, TBD plans to support USDC in use cases. These use cases would allow developers to build on top of Block’s tbDEX protocol and Web5’s decentralized identity platform.
Use cases include global real-time and low-cost remittances and self-custodial USD-backed stablecoin wallets. The use cases would also allow businesses and consumers to make traditional payments using digital assets.
In the current tightening policy of the US Federal Reserve and inflation, the currencies of many countries have depreciated. As a result, stablecoins are now remittance and savings alternatives.
TBD intends to support remittances in the United States and Mexico, with India and the Philippines as destinations, the world’s largest recipients of remittances. Mexico receives 95% of remittances that come from the United States.
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