Circle Expands USDC Stablecoin To Australia And Asia Pacific

According to CoinDesk, Circle has announced plans to expand its USDC stablecoin into Australia and the broader Asia Pacific region through a partnership with venture capitalist Mark Carnegie's MHC Digital Group. The collaboration aims to increase the distribution of USDC and explore institutional use cases in the region, leveraging Carnegie's company's presence in Australia and Singapore. Chief Business Officer for Circle, Kash Razzaghi, highlighted the region's readiness for digital asset adoption, citing its young, mobile-first population. He expressed excitement about working with MHC Digital to advance digital finance in Australia and beyond. This move is part of Circle's broader expansion strategy, which includes relocating its headquarters to New York City's One World Trade Center and planning an initial public offering valued at around $5 billion. Recently, Circle made USDC available to investors in Mexico and Brazil through the banking system, not just crypto exchanges. It also became the first global stablecoin issuer licensed to offer dollar- and euro-pegged crypto tokens in the European Union. USDC, the second-largest stablecoin behind Tether's USDT, has a market cap of $35 billion and a 24-hour trading volume of $7.87 billion, according to CoinDesk price data. Carnegie's MHC Digital Group will facilitate USDC access to wholesale clients across Australia, potentially helping superannuation funds avoid high bank fees. The partnership may also explore the creation of an Australian dollar stablecoin in the future. Mark Carnegie, Founder and Executive Chairman of MHC Digital Group, emphasized the efficiency of crypto for international payments and expressed confidence in Circle as a leading player in the regulated stablecoin space.