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India’s central bank has announced that it will enable non-bank payment system operators to offer central bank digital currency (CBDC) wallets. Noting that “necessary changes will be made to the system to facilitate this,” the Reserve Bank of India (RBI) said the initiative is expected “to enhance access and expand choices available to users.” Non-Bank […]
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India’s Digital Rupee Expands: Non-Banks to Offer Central Bank Digital Currency Wallets
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Worldpay Plans to Offer Merchants Direct Settlement in Stablecoin USDC
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NYSE-listed financial technology services provider, FIS announced today that Worldpay will offer merchants the ability to receive settlements directly in USDC, one of the world’s most valuable stablecoins.
With that, Worldpay will become the first international merchant acquirer to offer such settlements. FIS has formed a collaboration with Circle, the fintech firm behind USDC. According to the companies, the recent partnership will boost the adoption of digital currencies among businesses.
Crypto.com, a prominent crypto trading platform and one of the most valuable companies in the digital asset ecosystem, will act as a pilot customer for the USDC settlement proposition offered by Worldpay.
Nabil Manji, the SVP and Head of Crypto and Web3 at Worldpay from FIS, believes that efficient and convenient crypto solutions are necessary for the adoption of the emerging asset class. “Cryptocurrencies, for the most part, tend to be quite volatile and lack the ability to redeem at a predictable exchange rate in large quantities. That is why USDC is so popular among consumers who use crypto exchanges, and why it is so appealing to traditional merchants and other corporates,” Manji said.
USDC
According to the recent data published by Coinmarketcap, more than $51 billion worth of USDC is in circulation. In terms of market cap, USDC is the 5th most valuable digital asset in the world and the second most valuable stablecoin after Tether (USDT). Through the adoption of USDC, traditional merchants can take advantage of fast settlements.
“Integrating with Worldpay is a major step for Circle, USDC, and the fintech sector as a whole,” said Jeremy Allaire, the Co-Founder and CEO of Circle. “It is a glimpse into a future where value is exchanged frictionlessly, all possible because we’re building the next generation of financial solutions.”
Last year, Circle raised $440 million to accelerate its expansion.
NYSE-listed financial technology services provider, FIS announced today that Worldpay will offer merchants the ability to receive settlements directly in USDC, one of the world’s most valuable stablecoins.
With that, Worldpay will become the first international merchant acquirer to offer such settlements. FIS has formed a collaboration with Circle, the fintech firm behind USDC. According to the companies, the recent partnership will boost the adoption of digital currencies among businesses.
Crypto.com, a prominent crypto trading platform and one of the most valuable companies in the digital asset ecosystem, will act as a pilot customer for the USDC settlement proposition offered by Worldpay.
Nabil Manji, the SVP and Head of Crypto and Web3 at Worldpay from FIS, believes that efficient and convenient crypto solutions are necessary for the adoption of the emerging asset class. “Cryptocurrencies, for the most part, tend to be quite volatile and lack the ability to redeem at a predictable exchange rate in large quantities. That is why USDC is so popular among consumers who use crypto exchanges, and why it is so appealing to traditional merchants and other corporates,” Manji said.
USDC
According to the recent data published by Coinmarketcap, more than $51 billion worth of USDC is in circulation. In terms of market cap, USDC is the 5th most valuable digital asset in the world and the second most valuable stablecoin after Tether (USDT). Through the adoption of USDC, traditional merchants can take advantage of fast settlements.
“Integrating with Worldpay is a major step for Circle, USDC, and the fintech sector as a whole,” said Jeremy Allaire, the Co-Founder and CEO of Circle. “It is a glimpse into a future where value is exchanged frictionlessly, all possible because we’re building the next generation of financial solutions.”
Last year, Circle raised $440 million to accelerate its expansion.
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Sygnum becomes first bank in the world to offer Eth2 staking
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Crypto-focussed Swiss bank, Sygnum Bank, has announced it has become the first bank in the world to allow its clients to stake Ether.
According to the July 6 blog post, the firm’s clients can now stake ETH through Sygnum’s institutional banking platform to earn yields of up to seven percent annually.
Sygnum describes itself as the “world’s first digital asset bank,” having secured a banking licence in Switzerland and a capital markets services license in Singapore during August 2019 and October 2019 respectively.
The firm asserts that “the vast majority of decentralized products and services run on Ethereum,” noting the DeFi sector’s Total Value Locked (TVL) has grown by more than three times since the start of 2021:
“With Ethereum powering the exponential growth of decentralized finance (DeFi) applications, staking is a compelling choice for long-term Ethereum investors also seeking attractive yields.”
Thomas Eichenberger, Sygnum’s head of business units, described Ethereum staking as “a core element for digital asset portfolios.”
Sygnum launched a staking service for Tezos (XTZ) in November 2020, and has offered a fixed term deposit product for its Digital Swiss Franc stablecoin, DCHF, since March.
The bank faces competition from many crypto-native staking providers and centralized exchanges, including leading U.S. firms Coinbase and Kraken.
The digital asset bank is also looking to support DeFi assets, launching regulated banking services for eight leading tokens including UNI, MKR, and CRV last month.
According to Staking Rewards, Eth2 is currently the second-largest Proof-of-Stake network by staked capitalization with $13.5 billion, despite only 5% of circulating Ether currently having been locked for staking.
Cardano (ADA) has the largest staked capitalization with $31.8 billion and 70.7% of supply currently locked.
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