Tue Oct 01 08:48:51 UTC 2024: ## Circle’s USDC Stablecoin Expands to Australia, Eyes Asia-Pacific Growth

**Sydney, Australia** – Circle, the company behind the USDC stablecoin, has announced a partnership with venture capitalist Mark Carnegie’s MHC Digital Group to bring USDC to Australia and the wider Asia Pacific region. The collaboration will focus on increasing the distribution of USDC and exploring its potential for institutional use.

Circle’s Chief Business Officer Kash Razzaghi highlighted the region’s “young, mobile-first and digital wallet ready population,” making it ripe for digital asset adoption.

MHC Digital Group, with offices in Australia and Singapore, will work with Circle to provide wholesale access to USDC for clients across Australia. This could potentially help superannuation funds avoid traditional banking fees, and the partnership could even lead to the creation of an Australian dollar stablecoin in the future.

“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,” said Mark Carnegie, Founder and Executive Chairman of MHC Digital Group. “Crypto is simply a better mouse trap for the vast majority of international payments. Circle is the obvious candidate to be the long-term winner in the regulated stablecoin space, and we are very excited to work together to expand access to USDC in Australia and beyond.”

Circle’s USDC, the second-largest stablecoin globally, has a market capitalization of $35 billion and a 24-hour trading volume of $7.87 billion. The company has been actively expanding its reach, recently making USDC available in Mexico and Brazil through the banking system. Circle also recently obtained a license to offer dollar- and euro-pegged crypto tokens in the European Union.

This partnership marks a significant step in Circle’s global expansion and strengthens its position as a leader in the regulated stablecoin market. The company’s foray into the Asia Pacific region could accelerate the adoption of digital currencies and unlock new possibilities for financial innovation in the region.

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