Amid what is a thriving stablecoin market, Circle is set to expand its USDC offering to Australia following a recent partnership. Indeed, the issuer has announced it is partnering with Mark Carnegie’s venture capitalist group, MHC Digital Group, to bring the asset to the Asia Pacific region.
Throughout the year, stablecoins have surged in value. Earlier this year, Bernstein reported that the asset has become the 18th largest Treasury holder in the United States. Now, the recent expansion will look to identify increased use cases for the US dollar-pegged token within the country.
Also Read: Robinhood and Revolut Consider Launching Their Own Stablecoins
USDC Is Coming to Australia After Circle and Mark Carnegie Partnership
The crypto market has seen stablecoins continue to grow in 2024. Within the continually developing sector, these tokens have represented a safe alternative to the often volatile cryptocurrency industry. That has led to increased participation within the market and interest from prospective issuers.
That has led one of the biggest offerings to embrace expansion. Specifically, Circle is set to expand its USDC stablecoin to Australia following a recent partnership. Indeed, its collaboration with MHC Digital Group will see the asset grow its potential user base to the country and beyond.
Also Read: Bitcoin: Stablecoins Coming to BTC Network Via Lightning Labs
The Carnegie-led group currently is based in both Australia and Signapore. Therefore, the token should have no shortage of potential landing spots to grow its presence. The collaboration will reportedly focus on increasing USDC distribution within the region and the exploration of institutional use cases.
The stablecoin market has seen increased competition this year. Well-established crypto firm Ripple announced the launch of its RLUSD stablecoin. Moreover, PayPal’s PYUSD offering debuted late last year. With firms like Revolut and Robinhood discussing the launch of their own option, the market should continue to grow.