US-based Worldpay from FIS has given merchants the ability to receive settlement directly in USD Coin (USDC).
Stablecoins are a type of cryptocurrency pegged to a ‘stable’ reserve asset (such as the US dollar) and can be redeemed one-to-one. USDC is one of the growing, regulated dollar digital currencies with more than USD 51 billion in circulation as of April 2022.
By teaming up with Circle, a global financial technology firm that provides payments and financial infrastructure to businesses of all sizes, and the sole issuer of USDC, Worldpay will enable both crypto-native and traditional businesses to build a fit-for-purpose settlement and treasury strategy that caters to their preferred currency for conducting business.
Companies will no longer be constrained by payment service providers offering a fiat-only ecosystem and can instead leverage adoption of crypto payment rails to directly receive, hold, and transfer stablecoins in a fast and efficient manner. Crypto.com, the world’s fastest growing cryptocurrency platform, will act as a pilot customer for the USDC settlement proposition offered by Worldpay.
For traditional merchants and other corporates, the capability to receive settlement in stablecoins can help drive adoption of digital assets by enabling them to enter and experiment with cryptocurrency in a less volatile and lower-touch environment, according to the press release.
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