Circle Partners with MHC Digital Group to Expand USDC into Australia and Asia Pacific Region

Circle has announced exciting plans to expand its stablecoin, USDC, into Australia and beyond. They’re partnering with Mark Carnegie's MHC Digital Group, and the news just came out on Tuesday.

This partnership is aimed at the Asia Pacific region. With offices in Australia and Singapore, Carnegie's company will help boost the distribution of USDC and explore how it can be used by institutions.

“The Asia Pacific region is ahead of the curve when it comes to digital asset adoption,” said Kash Razzaghi, Circle's Chief Business Officer. “We’re thrilled to team up with MHC Digital to open new doors in digital finance, not just in Australia but further afield.”

Circle has been on the move lately. They recently relocated their headquarters to the iconic One World Trade Center in New York City. This comes as they prepare for an initial public offering valued at around $5 billion. Just earlier this month, USDC became available to investors in Mexico and Brazil through the banking system, not just through crypto exchanges. Circle also made history as the first global stablecoin issuer licensed to offer dollar- and euro-pegged tokens in the European Union.

Right now, USDC is the second-largest stablecoin, following Tether's USDT. It has a market cap of $35 billion and a 24-hour trading volume of $7.87 billion, according to CoinDesk.

MHC Digital Group will work closely with Circle to provide USDC access to wholesale clients across Australia. This could help superannuation funds save on hefty bank fees. Carnegie even hinted at the possibility of creating an Australian dollar stablecoin in the future, as he mentioned to The Australian Financial Review.

“Some say there’s no use case for crypto, but billions move globally at a fraction of traditional payment costs,” said Mark Carnegie, Founder and Executive Chairman of MHC Digital Group. “Crypto is simply a better solution for most international payments. Circle stands out as a strong contender in the regulated stablecoin space, and we’re excited to work together to expand USDC access in Australia and beyond.”