According to FIS, a financial technology company, its Worldpay division has teamed up with Circle, a stablecoin issuer, to provide worldwide merchants the capacity to accept payments in USD coin (USDC stablecoin cryptocurrency). Merchants (both crypto-native and traditional enterprises) that use the fintech provider FIS may now receive settlement directly in USDC.
Payment service providers who solely provide fiat settlement services will no longer be a constraint for businesses. Instead of needing to cash out in fiat, worldwide enterprises may use innovative use of crypto payment methods to receive, keep, and distribute stablecoins in a rapid and efficient manner.
FIS Worldpay’s Nabil Manji, SVP, Head of Crypto and Web3 at Worldpay, commented on the development:
“Cryptocurrencies, for the most part, tend to be quite volatile and lack the ability to be redeemed 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 corporations. Making it easier and more efficient for crypto-native companies and other corporations to receive and manage stablecoins will further drive corporate innovation in payments and benefit the consumer ecosystem. “
USDC is backed by reserve assets and is tied to the value of $1. The addition of the capacity to accept settlements in stablecoins by FIS is expected to aid in the adoption of digital assets by allowing firms to engage and experiment with crypto in a less volatile and low-touch environment.
According to a statement released on April 5, Crypto.com, a fast-developing cryptocurrency exchange, will serve as a test client for the USDC settlement project.
