MHC Digital Group and Circle have announced plans to cooperate to increase distribution of Circle’s US Dollar Coin (USDC) to institutional investors in Australia and the Asia Pacific region. MHC Digital will seek to provide “cost-effective and efficient USDC access” to wholesale clients.
As part of this initiative, MHC Digital is launching an over-the-counter trading service targeting high-net-worth individuals, hedge funds and cryptocurrency businesses in the region.
Circle, MHC Digital see plenty APAC market possibilities
MHC Digital founder and executive chairman Mark Carnegie said in an interview with The Australian Financial Review that he wants to convince large Australian pension funds to consider using the stablecoin to cut down on payment fees. He said:
“I’m hoping we can show there are hundreds of millions of dollars of forex [foreign exchange] trading fees, where super funds are getting their faces ripped off by Macquarie Bank and the other incumbent banks.”
He added that the stablecoin may be a hard sell for the pension funds, but “Circle is the obvious candidate to be the long-term winner in the regulated stablecoin space.”
Circle chief business officer Kash Razzaghi saw a larger regional audience than just institutions. He said, “With its young, mobile-first and digital wallet ready population, the Asia Pacific region is ahead of the curve when it comes to digital asset adoption.”
According to the Australian publication, MHC Digital might also work with Circle to create a Circle Australian dollar stablecoin.
Related: Circle proposes new capital-risk framework for stablecoins
Circle is expanding worldwide
The majority of Circle’s adoption has always been outside the United States. Nonetheless, it is preparing for an initial public offering in the United States after filing with the Securities and Exchange Commission in January. It will move its headquarters to New York in early 2025.
Source: CryptoLens.News
Circle entered into a Memorandum of Understanding with SBI Holdings in November on cooperating to bring USDC and Circle web services to Japan. In September, Circle integrated with the banking systems of Brazil and Mexico. It is also one of the primary tokens of exchange on Sony’s new Soneium blockchain.
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