MHC Digital Group, led by venture capitalist Mark Carnegie, is teaming up with global fintech firm Circle to enhance US Dollar Coin (USDC) distribution to institutional investors in Australia and the Asia Pacific region.
This strategic partnership will further enable wholesale clients to access USDC efficiently and cost-effectively by leveraging the growing demand for digital assets.
According to a press release from the companies, USDC is a fully reserved stablecoin and is entirely backed by liquid cash and cash-equivalent assets. It offers a transparent 1:1 redemption rate for US dollars. With more than $33 billion in circulation, USDC positions itself as one of the leading regulated stablecoins.
Carnegie emphasized the transformative potential of cryptocurrencies, stating:
People claim there is no use case for crypto, yet hundreds of billions move globally at a fraction of the cost of traditional payment infrastructure. Crypto is simply a better mouse trap for most international payments.
Additionally, Circle’s Chief Business Officer, Kash Razzaghi, added that the Asia Pacific was relatively more advanced in digital asset adoption. He highlighted that the area has a young, mobile-first population just waiting to dive deep into new, fresh financial technologies.
Circle vision for stablecoin regulation in Australia
This partnership represents a major inflection point in the local financial landscape. For the first time, stablecoins are representing a growing force in global payments, comprising 40% of all blockchain transaction value.
As regulators in the land down under of Australia are about to write legislation on licensing and custody rules for cryptocurrencies, Carnegie calls for proactive regulation of the sector. However, he is seeking to get a retail license from ASIC for his new digital offering.
MHC Digital will provide Over-The-Counter trading service to look after high-net-worth and institutional clients with a discreet, efficient solution for large cryptocurrency transactions.
This deal is further evidence of the continued growth and investment of MHC Digital in Australia’s growing digital finance ecosystem and beyond.
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